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And as some others have noted, I have concerns about the books you'd be able to get for such a model. Publishers are not going to let a small student group lease books, which means you'd have to use public domain (which are currently free) or indie authors (some of whom are fantastic, but they are somewhat untried and do not have the backing of a traditional publisher). I've seen some of the dreck that's published on Smashwords (because they allow anyone to publish), and there's no guarantee of quality. I wouldn't pay $30/month for that.
And $30/month seems high to me as well. I used to read about 4 books/month, but since I have a toddler who now takes up much of my free time, I'm down to about 2 books/month. I won't pay $15/ea for books that I may or may not get to keep. My limit for ebooks I do get to keep is about $10 for well-known well-loved authors and about $5 for untried authors who have very good reviews or were recommended to me.
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