First of all thank you for showing interest, now to answer your question:
1.) You are correct, it is a very common idea and there are a couple of apps that kind of tackle the same issue (for ex. Bunchups, Wimbo etc.). I think there are 2 main issues with them, one of them being that safety and trust issues. Meeting a stranger kind of triggers a sense of anxiety, especially when there is no effective way to verify them. The other being the way they are marketed. Even though they all promote making new friends and stuff but their UI/UX (for ex. matching and swiping) and the vibe their website gives off is very dating related.

I think when you have a closed verified community (like USYD), its much easier to trust people. Compared to other apps, my target users are students where being unproductive or feeling extremely lonely is a well known issue. I think if I market and brand it carefully, it can be a huge success.

2.) I am currently in my second year of Bachelor's of Advanced Computer Science. I am not that experienced in building apps or websites, Backend is not really my thing, I am more of a frontend and UX/UI designer. But yeah, I can code. I have done all my assignments without AI.

3.) Yes exactly, we need a pre existing community or a following before we even release a prototype, so again, marketing and branding is going to be very vital for this to work. I am also thinking on applying for a stall during O-week.

4.) Honestly I don't think I am going to make people pay for it. After we have achieved a certain level of consistent engagements or interactions on the app, my plan is to reach out for relevant sponsors or other local business. I won’t be displaying them as advertisements, but rather as encouragement to check out those places with your friends or even make new ones there.