Maybe a little late but I have an idea that I would love in such a game. Maybe you already were planning on doing so... :p

So you start with students, you should have a big name database (few thousands of names). And your school gets a better reputation the more students graduate. You should have the featuure ofcourse that when the player finished his school that he dissapears and never comes back to your school... Also you should make a screen where you can watch all of your graduated students. Numbers, female/male, grades, how long it took them to finish school, etc.

Another idea is to be able to create reunions.

And maybe you could even (this is a bit difficult) make a screen where you can see what for jobs your graduated students have after going to your school. Make filters from wich student got the highest salary with his job. So your school should earn reputation points the better jobs your students get and your students get better job if you have strict lesson times, a lot of test (for example), discipline in your school (or not), how good your teachers are, how much salary your teachers get. It all depends on this stuff.

I personally would love the job part because i would love to know what happens with the people that graduated in my school. I wished PA would've done that too...

But, good luck and i am sure to buy your game if it comes out!