Unless all members of this project have created complete, working, small-scale projects, I doubt an RPG would get off the ground. Sorry for being a Debbie Downer, but an RPG is quite possibly the largest, most ambitious project you could tackle in a 2D realm.

Think: not only do you need strong, multidimensional characters; an original storyline; interesting and unique weapons/magic; and a believable, fleshed out setting, but you also need an intense amount of different game mechanics.

Firstly, you need an "overworld" system to represent the world map. Essentially, you could use the same engine you use for walking around dungeons and towns, but most 2D RPGs opt for something like Chrono Trigger's overworld. Secondly, you need an engine for your dungeon crawls and what not. On top of that, you need a complex, multi-layered menu system that allows you to use items, assign magic, equip weaponry and armor, et cetera and so on. A leveling system is also essential, although you could just do the basic EXP = Level Up = slight stat boost, but that's boring and uninspired. Lastly, you need a battle system, and innovating there (especially in 2D) is rather difficult with the traditional RPG structure.

I would expect months, if not years to be invested in a project like this. Instead, especially if these games are for your portfolio/resume, I would choose various, smaller projects which you could feasibly accomplish within your time frame (someone said you were graduating in December?). Centre these projects around a "gimmick," a specific game mechanic that will be used throughout the entire game. Take games like Gish, Crayon Physics, Fez, or Braid - all of these games have an original and endearing concept behind them. Multiple small projects will also exemplify all your skills rather than just your RPG making skills. Maybe throw some procedurally generated content in there, too, it's all the rage these days.

If you insist on an RPG, don't go with the lame "giant empires, rebels, evil forces" setup. Do something unique. Also, the way the characters level up should definitely have some sort of choice involved (think the Sphere Grid of FFX).