Laura gave some nice tips on integrating your forum with your offline community.
Here's an article on going local that has some tips for local online community as well.
If you need to be successful, forget about page-traffic-CPC mentality. Think about the value you provide to your visitors.
You can start cooperative projects with establishments (shops, libraries, companies, gyms, etc) that your students use often. Offer reviews, latest news, insider information (one of the company staff as a moderator), contests with relation to offline, etc.
I suppose you may very well be suited for word of mouth advertising. Create topics that resonate with your students and work around them. View them from different aspects. Allow your visitors to share their thoughts and discuss the ideas.
Laura made an excellent point of not necessarily touching topics, where are right or wrong answers. Eternal discussions, such as whether tea or coffee is better, whether run inside or outside for maximum efficiency, might make more sense, because they are based on people's taste, not on objective reality (though some may argue on coffeine and the advantages of fresh air, but that's another topic..see?).
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