EULA

Something cheaper may be renting out one of those empty buildings super wal-mart created, and build a psychology library and a lecture hall or two inside the building. You could start charging for memberships and/or individual lectures. This way you can start small and maybe graduate from periodic lectures, to regular lectures, then to permanent faculty.

Depressed real estate is a must! And make the interior look comfy like that of barnes and noble's.

edit: Starting a private school there to attract yuppy high school students who are strongly interested in psychology would also help the outfit get on its feet financially.