I'd think the concerns in such a system would be the authentication of students, and having their transcripts online and secured. You likely already have some of that in place, so extending existing systems might make more sense than pushing confidential student data into a new platform.
Do you have the software support in your organization to look into something like that? If not, I may be willing to help out - I'm leaving the corporate world in a week or two, thinking about starting a non-profit software organization to solve problems like this for other non-profits, education, etc. And I would need some initial projects to work on to get that idea rolling. My email is in my profile if that sounds interesting.