Hi Devon,
Please be aware that this feature is related to BuddyPress plugin, not the theme. We remind you that a theme affects the presentation and visual style of your site, while plugins add all kinds of features and functionalities. If I’m not mistaken, you can add more labels by adding members types.
However, if I may, I think the best practice would be to add groups so users can discuss on the group activity page and be aware of the new assignments. 🙂
Moreover, you can add a course in a group. So, all is managed at one place.
Hope this will help you.
Cheers,