So, you worked on (or rather, worked on mods for) several games. Got anything to show then? Something finished? That'll say much more, you know. (Plus, I like to see stuff... :))
And so, somehow you know it's possible to use the Unreal 3 engine for a MMORPG. But have you investigated the costs of that? How much time and experience would be required for that, not to forget about the money involved? How are you planning to get that license in the first place, without a company or company experience?
Have you thought about the expenses of running a MMORPG? I've done some reading on these kind of games a while ago, and I found out one of the main reasons companies don't start MMORPG's is the heavy costs of such games. How do you plan to scale this, being a student? Do you got investors or such?
Sounds to me you've got some big dreams, but too little sense of reality at the moment. Don't get me wrong, I'm not against you, but I seriously doubt your changes of succes with this project in it's current shape. I've seen people with more experience starting up MMORPG and similar projects. None of these groups has lasted more than a few months. Why would your project succeed?
If you can satisfyingly answer these questions, you've gone a long way already. If you can't... then you may want to reconsider your plans. After all, these things will come in your way some day...