Yes, you read that correctly. For $5 per month, students can have the equivalent of a $10 Spotify Premium subscription bundled with a $8 Hulu subscription. If you want to see if you're eligible, you can visit Spotify Premium for Students' webpage. You must subscribe directly through Spotify to take advantage of this deal (in other words, if your cell phone plan comes with a free Spotify subscription, you're out of luck). And Spotify does verify enrollment through SheerID, so if you were hoping to use your old undergraduate email address to game the system, that's probably not going to work so well for you.
Spotify has had a special pricing plan in place for US college students since 2014; it expanded the program to a total of 36 countries earlier this year. Apple Music and Amazon Music Unlimited also have student subscription options, but it's going to be tough for them to beat the value of this Spotify/Hulu deal.