I would think that the cost of any single merchant converting their payment systems to accept bitcoin payment negates the potential value of doing so. It is a cool idea but I'm not sure $100 each is enought to move the needle.
I'm, of course, assuming the students don't all spend it at the same place.
Also assuming students don't decide they like bitcoins and get more of them.
One cheap way to set up is Coinbase. No fees for the first million dollars in revenue, no chargebacks, cash out to dollars every day, and they've got a point-of-sale app for your smartphone.
I'm, of course, assuming the students don't all spend it at the same place.