Create an investment club or file under one members name and SSN?
Direct from the Trez_Talk mailbox........
Three friends and I are going to start an investment club as of the new year(1/1/01). I am curios since I will be in charge of the club if we should actually start a club and file a tax return under a club?
YES!   While there are some very limited cases where you may not be required to file a tax return for your club, it is still in your best interest to do so. 
Most investment clubs, where members pool their assets and share in the management of the club, are legally formed as a partnership, as opposed to other forms of business entity such as LLC, Corporation, etc.   Partnerships are easy and inexpensive to form.  
The following articles may provide some additional insight on this issue.
Or should we just pool are money and file under a single person, which would be me?
If you were to do this you would be legally responsible for all of the tax obligations of the club, not just your share.    Therefore, I would recommend that your club create a partnership, obtain a EIN (equivalent to a SSN) for your club, and file the appropriate partnership tax return each and every year.   By doing this, each partner is legally responsible for their share of any taxable items realized by the club.  
To start your club simply follow the steps outlined at...
Once you've started your club, bivio easily handles all of your accounting and tax preparation needs.
Would it be at all beneficial or detrimental to me to put this club under my name?
Definitely detrimental! 
Would it make any difference that i am a college student?
Nope!     However, I want to congratulate you on taking steps early in life to prepare for your financial future.  The rewards of an early start are often very impressive.
Much success with your new club.
Jerry Dressel
St.Louis, Missouri