Starting an undergraduate journal of philosophy?

A student writes:

I am an undergraduate student majoring in philosophy at St. Mary's College of Maryland. I'm interested in creating an undergraduate philosophy journal but don't know how to proceed. One of my professors suggested that I email you to ask if you would post my question on your blog, asking for advice from you and your readers. And, in addition to how to get started, I'm wondering what your readers believe are the pros and cons to publishing online rather than in print.  Any insight would be much appreciated.

Thoughts from students or faculty with pertinent experience and advice?