Would a student based information website be with a large student base, perfect for targetted marketing etc. Student base either through mailing list subscription, forum etc.
High school check out myspace; University student check out facebook; But you can start another one,what kind of student you want?Students in elementary school?
Without more details it is hard to say how valuable it would be. If its not a social network site, how are you drawing people there, and keeping them there?