I think the site is good and could be great. I wouldn't sell it yet. Plus, if users love it, there's hope. If you want a few ideas, send an e-mail; I'd be happy to give .02.
But I think you need to focus entirely on marketing and reaching out to many students. Think about some creative marketing ideas that are directly related to university students or so.
See if you can get someone on advisory board who is marketing pro, and help you grow from here. If I was in your shoes, probably I wouldn't quit at this stage. There got to be something that you'll figure out that will work.
Worst case, pivot this crowd-sourcing model to other domain - you already have product ready, see if you can apply this model to other high-paying industry.
Just my $0.02s