Now days most of the college is providing wi-fi internet connection and laptops.
But I have seen that 90% students are wasting there time doing chatting with friends and spending time on social network sites like orkut and face book.
There rae various ways to Earn money from Internet.
They can write articles in some sites , initially they can make a blog and after some day they can apply for AdSense account and getting approved from AdSense they can join some AdSense revenue sharing sites like indiastudychannel.com,webmasters.org and there are 100 other site where they can share there AdSense revenue but I advice to concentrate on particularly 2-3 sites r may be in 1 particular site.
They can write their articles some good resources and also can write in forums so that tehy can amke some pocket money from there and it will give a freedom to there financial problems.