Mental health challenges among university students are increasing, but stigma and limited access to professional support hinder help seeking. This study explored opportunities, requirements, and risks associated with developing a chatbot-based mental health application tailored to Swiss university students. Data were collected through semi-structured interviews with student counselors, administrators, and representatives, as well as a requirements engineering workshop involving key stakeholders. The results showed that a chatbot could reduce stigma, improve accessibility and support vulnerable groups, provided it included easy access, evidence-based content and emergency responses. However, concerns regarding data security, harmful advice, and over-reliance on the chatbot must be acknowledged. These findings highlight the need for ethical safeguards, robust design, and a complementary role for the chatbot within existing support systems to address student mental health effectively.