Do you want to use or even have to use all those 75 students? That's quite a huge team and especially with students and for the first project, it will imho be a nightmare to organise them.
And are they all just programmers? You really don't need a lot of programmers, but you will need people who can create concept art, draw 2D graphic, model and animate in 3D, make sound effects and music etc.
About the programming part, it really depends on what is your main goal. If you just want to make a good game, then it will probably be best to use some graphics engine or game engine and just adapt it for your game and code your game logic into it (plus of course add your assets like character models, textures, worlds etc.).
If you want to use this project to learn as much as possible, then you could think about making everything by your own, including the graphics engine. But this would be a much longer trip.
Btw what do you mean by "had worked on many programming languages"? At the university in courses? Do you actually have some programming experiences, have you created some application like a simple game or something? If you are just a student with no previous finished programming projects, making an A-class 3D action game isn't really the best way how to start. You don't need to know many programming languages, you need to be good in one and you need to get some experiences with it by building bigger and bigger games.
Edited by Tom KQT, 15 March 2013 - 05:20 AM.