If you don't need the money, ask for equity. Depending on the school and the code of conduct you might even be able to get course credit as independent study. I

If you don't need the money, ask for equity. Depending on the school and the code of conduct you might even be able to get course credit as independent study. I did something very similar to that my senior year for a medical startup, just on the hardware side instead of software. I got credit for it by integrating it within a design course as my semester project.