How about putting different deaths for the student class and then the shinigami, cause students don't fight real hollows, as we derive from the Bleach canon.
For the Student "death", a teacher comes in and stops the hollow's last attack, sending you back to the academy for some "further studying" before you could fight the hollows again. This may sound rather lame, but at least it puts it more in line with the canon story. Shinigami deaths could have a "rebirth" on Earth for a moment before you become a Shinigami again.