Earlier quoted context omitted.
$80-100/hour? Is this feasible?
Let's not get carried away here. A quick poll: If you are in a position to hire devs (with a proper budget for it), would you hire this gentleman for $80/h knowing that he is a 2nd year EE student in Australia? Given the circumstances, I'd have hard time justifying $40/h. Not because $80 is too high, but because of the inherent performance risks associated with this particular type of hire.
For freelance work, I've paid well over $100/hr to people with similar age/experience based on nothing more than portfolios similar to his and a plausible sounding phone-screen.
I've contracted students for work, and while I'm more likely to propose payment terms based on estimated hours with payment on milestone delivery rather than just hourly rates, I'll still assume a similar overall "hourly rate".
(That's in Sydney, Australia.)