The dashboard welcome page for students can be customized using roles. Create a new Role (under Account & Settings --> Roles), and design your dashboard page (requires the role to be saved first before you can design the welcome page).
When you choose 'Hide' for the Dashboard action, it gives you an option to design the dashboard page. This opens a HTML editor that allows you to change the page design.
You can assign this role to 'groups' to have the users belong to the group to see this welcome page upon login. You can have different dashboard welcomes page for users based on groups.