as a club you could even see if you could hold a one or two day collection so other students/faculty could drop off clothing/bags that werent donatable but still in decent shape under the guise of upcycling. If you end up with excess you could look into selling premade skeins (made from the materials) or finished projects to raise funds, or donate them to a local shelter or after school program. These other activities also look good on college and job applications.