Students could patrol York city centre in a Street Angels-style initiative aimed at preventing tragedies such as the death of Megan Roberts.
The University of York students' union has put forward the plan as part of its work to promote safety around the city's streets and rivers at night.
The body of the York student was found in the River Ouse on Sunday night.
Police divers are also searching the River Foss, in York, for Ben Clarkson who was last seen on Sunday.
'Remain vigilant'Kallum Taylor, the university's student union president, told BBC Radio York: "We're looking at introducing our own version of the Street Angels scheme, but one that is run by students for students as a volunteering scheme."
He said the aims of the scheme were to reduce the number of students in vulnerable situations, reduce drug and alcohol-related hospital admissions and to alleviate pressure on the emergency services.
The cost of setting up the scheme has been estimated at about £2,240.
Mr Clarkson, 22, from Leeds, was last seen outside Fibbers Nightclub on Stonebow in York city centre.
North Yorkshire Police said river searches of the River Foss and Heworth Green area were continuing for a second day. They include the use of a search dog.
Insp Richard Abbott said they had received reports of a number of unconfirmed sightings but urged the public to "remain vigilant".
The body of 20-year-old Miss Roberts, from Wetherby in West Yorkshire, was found near the Ship Inn at Acaster Malbis.
It is thought the she fell into into the river while under the influence of alcohol.
Street Angels York is a Church-led initiative which employs volunteers to patrol the city centre on Friday and Saturday nights to provide care for people in vulnerable or difficult situations.
Schemes also operate in a number of cities and towns across the UK.