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Greetings,
Here is more information on period models for your organization.
It sounds like the best model for your group would be a confraternity, company, or lay order (in period, these terms were largely synonymous). These were mutual support societies, similar in many ways to the modern Elks or Rotary clubs. Members held common religious observances, often wearing special colors or robes; owed one another certain kinds of financial, legal, and political support; and often adopted a common badge. The name for such an order was often something like "The Honorable Company of Saint Osbert the Cripple," with a badge that was often associated with their patron saint. Some information about lay orders can be found in the introduction to "Knights of the Crown" by D'Arcy J. D. Boulton.
Period companies did not use different badges for different ranks of people. More commonly, the officers of the company would have specific regalia such as fancier robes. However, these would only be used on formal occassions. In the normal course of events, companions would simply wear the badge.
The best way to choose a badge is to find something that can be used as a brooch or a pin. A "fieldless badge" of this kind can be registered without a field color.
When looking at possible names for your group, we found that S. Catherine is the medieval patron saint of students. The "catherine wheel," a spoked wheel with curved spikes on each end, is the symbol most commonly associated with her.
Arval Benicoeur contributed to this letter.
We hope this has been helpful, and that we can continue to assist you.
In service,
Alan Fairfax
Academy of S. Gabriel