New York, Jan 15: Female students struggling with the cost of tuition and books are turning to a new source of income - sugar daddies.
And nowhere are there more coeds looking for rich benefactors than New York University, where last year, nearly 300 young women signed up for memberships at an online relationship site that promises a "mutually beneficial" arrangement, the New York Post reported.
The site, SeekingArrangement.com, has also signed up hundreds of young women from Columbia, Cornell and Syracuse.
The average coed "sugar baby" receives about 3,000 dollars a month in allowances and gifts from her sugar daddy, enough to cover tuition and living expenses at most schools, according to Jennifer Gwynn, a spokeswoman for the site.
But in New York City, where cost of living and learning are higher, sugar babies can fetch as much as 4,000 dollars a month.
NYU and Columbia are among the nation's most expensive universities, with Columbia ranking third with 59,208 dollars for total annual costs and NYU ranking fifth with 58,858 dollars in total annual costs, according to a recent Forbes magazine survey.
According to the Pew Research Center, one out of five households are in debt because of student loans. (ANI)