Proceeds from the Student Shave-Off fund-raiser, organised by University of Otago law and finance student Hannah Howard, will be donated to the Leukaemia and Blood Foundation of New Zealand.
Ms Howard (20) decided she wanted to make a contribution to a worthwhile charity after reading details of a national Shave 08 campaign on a social networking website.
The campaign struck a chord with her.
Ms Howard's grandfather died following a leukaemia-related illness when she was 13, and a godmother died of cancer earlier this year.
Ms Howard started organising a Dunedin version of the event several weeks ago, and was "surprised at how it has snowballed".
"I thought if I was going to do it, I wouldn't make a half-hearted attempt," Ms Howard said.
"The response has been amazing.
"I think it shows students have a social conscience, and do think about ways to help."
The event was sponsored by 22 Dunedin and national businesses.
The students, including six women, received haircuts ranging from skin-exposing "No 1s" through to the more seasonally appropriate "No 8".
Students made gold-coin donations and collection buckets contained some $10 or $20 notes.
Students who did not receive haircuts also made contributions.
Former Otago University student Marc Ellis attended the event, and delighted in giving one student a considerably closer shave than the "leave a bit on" cut requested.
Mr Ellis, who studied commerce, "life and rugby" between 1991 and 1995, said he could see the potential for the fund-raiser to be run at other New Zealand universities.
Last night, Ms Howard said the event had raised more than $1000.
She and assistants were still counting coins.
