You're right about what they mean, but they don't sound natural at all.
Here's how I would say it:
Students tend to speak spontaneously, saying whatever they think off the top of their heads.
This "off the top of one's head" idiom is MUCH more common than the "off the cuff" idiom. So I would comfortably use the first one, but I would personally avoid using the second one, because less people will be familiar with it, so less people will understand it. I've only ever seen it used in hyper-formal contexts, by people who are kind of out-of-touch with the common working-class folks these days.
Regarding singular vs plural... We could say "off the tops of their heads". We could say "off the top of their head". We could say "off the top of their heads" as I have done here. All three options are grammatically acceptable - the grammar is flexible enough for you to pick whichever way you prefer to say it. The way I've chosen considers what's most commonly said as well as what's most easily understood.