Whatever the chosen theme of the blog, there is usually space in at least one of the sidebars that can be given over to advertising. Students can make extra income by renting out this space for given periods of time. Again, higher blog Pagerank and Google Analytics traffic numbers can be used to command higher fees. Advertising can be sold in the form of text or images and the larger the image, the higher the fee.
As with the banner advertising above, these adverts don't necessarily need to be straight ads for a company. Students who are struggling to attract companies can make money by using the space for their affiliate adverts and even Google Adsense advertisements.