Smash hit

6. Games

Believe it or not, it is possible to make money simply by playing computer games. Second Life, one of a range of so-called massively multi-player online games, allows users to both buy in-game currency called Linden dollars (a name derived from its creator, Linden Labs) and later exchange any amount amassed within the game back into real-world funds. Ailin Graef made the headlines in 2006 having claimed that her in-game avatar, Anshe Chung, had generated enough resources to allow her to be classified as a millionaire in reality. Other prospects include Moola, which claims to pay players over five million pounds for the straightforward task of winning thirty of its games in a row. Perhaps tellingly, the grand prize is yet to be claimed.

7. Freelancing

If you have a talent – be it for writing, graphic design or even programming - online freelancing will allow you to exploit it for a handsome profit. Services such as Elance and oDesk advertise outsourced remote working opportunities on behalf of thousands of companies and allow members to sign up to assignments according to their desired criteria. Naturally, there’s a catch - said services also take a cut of up to 15 per cent of your potential earnings. Depending on your skills and availability though, there is a lot of money to be made in this fashion, with the fastest-growing fields - like document translation - paying the best rates.

8. Poker

Likely the most controversial inclusion in this list, the online poker world is awash with sob stories of empty wallets and broken dreams from people of all walks of life who just didn’t know when to quit. If you feel like having a go at making some big bucks through gambling, extreme caution is urged. Quite apart from the fact that players need a fair degree of skill in the game to get anywhere, starting small is crucial – only bet what you can afford to lose with a smile. If you are skilled - and lucky - the potential rewards are vast, with some players regularly earning in excess of £1,000 per day. But, remember, the pitfalls are even greater. Texas Hold ‘Em is by far the most popular variant of the game – get some free practice via MSN Games.

9. Selling

A method as old as the internet itself, hawking wares through virtual auctions and shops provides a quick income boost for many students, enabling unwanted Christmas to be disposed of with ease. The obvious starting points are eBay and Amazon Marketplace , though classifieds websites such as Ad Trader are proving increasingly popular. Those of you looking to secure revenue on a more long-term basis will need to source in-demand products and be able to sell them at a mark-up on the price that you yourself paid. One example is “vintage” clothing – cheap clothes with retro appeal are available in abundance at charity shops and can easily be sold to other fashionable students online at a higher price.

10. Doing something crazy

Most truly spectacular success stories of making money online don’t involve any of the aforementioned routes at all. Instead, they showcase brazen opportunism that flies in the face of all logic and reason. Take Alex Tew’s MillionDollarHomepage from 2005 for instance – a website set up with the sole intention of selling pixels at one US dollar apiece to advertisers in order to fund its proprietor’s university degree. On paper it was a ludicrous concept – of course it was - but a 21 year-old Tew soon found himself a certified millionaire. So too did the founders of Doggles, an internet business devoted to selling goggles… for dogs. The point is that, just as in the “real” world, originality paired with good business acumen may potentially reap far greater rewards than any supposedly tried-and-true method of generating cash that you might care to mention. So be creative.

Times recommends

• Students face big rise in university fees
• Students to rate lecturers online
• Lord heads team to look at raising tuition fees