I don't have any experience with dive clubs but have recently become Pack leader for my son's Cub Scouts. I can share some advice about organizing groups in general.
Set a schedule. People need to know when, where, and what time to go to meetings. Pick a set time one a week, every other week, or once a month depending on how everyone's schedule and availability allows.
As college students I'm going to assume that money is going to be tight. You should blend non-diving social meetings with occasional weekend dives. Shore dives for beaches or lakes/quarries depending on what is closest and most convenient. Meetings should be fun, informative and dive related. Dive club parties for holidays are fun social gatherings. Not necessarily dive related but more social events, after all, isn't that what makes a great dive club?
After dive meal at popular local eatery is helpful as well. Doesn't have to be expensive, my local dive club goes to a road side hamburger stand after morning dives. Very inexpensive but nice to chat about the morning's dive and scuba tales in general.
A periodic "splurge" trip like a dive boat. Again, doesn't have to be expensive. Most day boats are $130 per person for the day, usually 2 tanks but occasional 3 tank dive boats.
Get friends to volunteer as official board members as well to help delegate responsibilities. Set a calendar for the year with meetings and meeting places. Don't be too discouraged if you don't have a lot of turn out at first. It may take time for the club itself to grow. Advertise your meetings through social media, school newspaper, flyers at the dorms, etc. Make it fun, make it fun, and make it fun and people will come.
Also, touch base with the closest dive shop. Introduce yourself. Ask to see if you can get discounts and deals to pass on to club members. I'm sure they would be willing to do at least something for the exposure to new divers. Should be a win/win for the club and the dive shop.
Good luck.