But that's a lot of assumptions to make about people's usage, and it's especially problematic when macOS Monetary has had multiple major memory leaks from day one (day zero if you count the betas,) including an obnoxious memory leak related to the Finder and Spotlight that can cause the Finder to use upwards of 3GB+ of ram and persists to this day.
Is 8GB of ram still serviceable in 2022? Sure. But is it ideal/future proof? Absolutely not.
Well, I work in the same field as those students (business administration education). The heaviest app is Excel financial models, maybe some E-views. For very heavy work, universities have specialized computer labs, which business majors usually do not use (no need).
RAM: I have both 16GB and 8GB ram M1 Macs, mac mini 8/512 and MBA Air 16/512. I also have 12 inch 8GB Macbook 2017, which is now have Monterey 12.4 installed. Big Sur and Monterey 12.0 had memory management problems, all now fixed by Monterey 12.4 (actually earlier).
So in usual work, there is ZERO difference between all three. All ran Pages, Keynotes, MS Office just great. I assume that M2 is even faster (by 18% or so). So based on practical usage, 8/16GB does have zero difference in everyday tasks. Now if the students want to edit 4K video, M1 with 8GB just slices through the video because it has builtin hardware decoders. M2 is even faster. It also decodes latest photo compression formats just great. You can google videos of M1 8GB encoding and compressing heavy video files just fine (compared to Intel Macbooks and even desktops). M chips have different architecture with soldered M2 and memory swaps, that allows for 8GB to be sufficient for memory heavy tasks. 16GB is better but not compulsory in everyday computing.
Based on usage pattern, 8Gb is fine. Sure, if one has budget, why not 16GB? Yes, can be done. But if you have to fit in tight budget, 8GB is absolutely fine.
Now about future proof. 2017 12inch Macbook rans Monterey great. It is 5 year old machine. It also rans Big Sur, Catalina, etc.
Now M2 is a latest machine, designed for Ventura. It will be absolutely fine with Ventura (which is end of 2023) and add 2 iterations after Ventura - it is 4 year span - and still have full support. I don't expect Mac OS to require 16Gb in foreeseable future. After 4 years of college life, both M2 probably will be OK to retire. If say, Mac OS 2026 will absolutely require 16GB of RAM (just an example), two options: stay on earlier versions; or just sell MBA M2 and maybe invest in latest MBA is you absolutely need Mac OS 2026, which is not a case.
So why M2 then?
Latest design, less weight, better webcam, newer CPU and GPU.
How about M1?
Great cost performance. Best budget buy. It is like a car. I have Toyota SUV (4Runner in US), Prado here, 2018 model, 2.7l gasoline, bought in 2020 used. Could I buy new 4Runner with a bigger engine? Yes, but it would be much more expensive, I don't drive through rocks everyday and it will use much more fuel. So I have something which is still good for occasional offroad, but saves money on everyday tasks. So M1 is also a viable alternative.
Ultimately, it is a matter of difference of 300 dollars on each notebooks, planned for 4 year use; it is not that much, we are not buying here Macbooks Pro for 2000 or more; it is a matter of selection of a budget model, so I suggest M2 as a more refreshed, latest model. I would only add internal storage to 512GB if possible.