In order to do a quarterly email that pays your the service you would have to achieve a minimum page CPM of $15 which at the industry average rate of $1.50 would need 10 ads sold and trafficked per email. Not impossible, but a lot of effort to source and manage that revenue and/or more frequent emails, larger rates (more sales effort) or ...?
You could definitely get a much higher CPM based off the locality and demographic. I'm sure there are local food places/stores looking for more student business that would happily drop $1-2000 for an ad that would go out to most of the student population.
