In a tough economy where loans might be hard to come by, it appears that some students are trying to find "sugar daddies" -- or "sugar mommies" -- to finance their college education. And they're succeeding.

The website SeekingArrangement.com, which describes itself as an "elite sugar daddy dating site for those seeking mutually beneficial relationships and mutually beneficial arrangements," sets up "sugar babies," who can be male or female, with a wealthy benefactor.

(Image: SeekingArrangement.com screenshot)

In this case, the arrangement is to help the sugar baby pay for college. The 2012 list of colleges with the fastest growing amount of sugar babies being financed by sugar daddies was recently released:

1. Georgia State University

2. New York University

3. Temple University

4. University of Central Florida

5. University of Southern Florida

6. Arizona State University

7. Florida International University

8. University of Georgia

9. Indiana University

10. Texas State University

11. Kent State University

12. Penn State University

13. University of North Texas

14. Florida State University

15. Tulane University

16. Michigan State University

17. University of Ohio

18. Columbia University

19. University of Alabama

20. UCLA

WJBK in Detroit reported Seeking Arrangement spokesman Leroy Valasquez saying that 40 percent of the site's users are college co-eds. It reported one Michigan State University student calling it a "great idea" while another said "it seems kinda like prostitution almost." This is why Valasquez told WJBK the site recommends members "set their terms" at the beginning of a relationship with someone.

“College should be an opportunity to expand the mind and experience new things,” founder Brandon Wade said in a press release, according to the Detroit Free Press. “Unfortunately, because of the of recent tuition hikes, the college experience has become greatly unbalanced.

“While some may argue that these women are just using men for their own personal gain, I believe that they are proactive in pursuing a higher education.”

Watch this report from KFOR that explains Oklahoma students are picking up on the trend of the site as well:

Last summer "20/20" featured Christine Morris, a college student in New York City who turned to the website, which has been in existence since 2005, to help finance her $10,000 per semester tuition. Morris described the men, who pay $2,500 for a membership to the site while those with .edu email addresses can subscribe for free, as in their 40s and generally businessmen.

"20/20" reported sugar babies saying that many of the men seek companionship, which isn't necessarily code for a sexual relationship:

"Basically, trading companionship for money," Berliet said. "A lot of these guys will just pay for pretty girls to have dinner with them."

Christine Morris said some of the men she met expected sex. She said she made it known that wasn't her expectation, but also that sex wasn't out of the question.

Pixie, a 23-year-old sugar baby in New York City, said sex wasn't a given, and it wasn't tied to the money.

"They'll bring an envelope and just put it in your purse while you're not looking, or sometimes they'll just say, 'Honey, do you need anything besides the allowance?'" she said.

Education is not the only thing sugar babies are looking for either. A recent blog post on the website showcased how else the site is being used to finance mutually beneficial relationships, like skiing.

"The average Sugar Daddy pays $3500-4000 on a four day ski trip for two after flights, transportation, lodging, massages, drinks, food and shopping are taken in to consideration," the blog post reads. "So where do the Sugar Daddies like to take their ski bunnies?"

The site then listed the top resort areas, including Whistler, British Columbia, Jackson Hole, Wyo., and Vail, Colo.

What do you think of this the growing trend of "sugar babies" using the service to finance their education? Let us know in the comments.