If YouTube Music is going to compete with Spotify and Apple Music on price, it's going to need discounts for the student set. Thankfully, they've just turned up -- you can now subscribe to a $5 per month YouTube Music Premium plans as well as a corresponding $7 YouTube Premium plan ($6 if you sign up before January 31st). So long as you're a full-time student at an accredited US college or university, you can listen or watch to your heart's content without stretching your budget past the breaking point.
The pricing for Music Premium is on par with what you'd expect from competing services. Really, it's table stakes at this point. Whether or not YouTube Premium is a deal depends on your priorities. Spotify's student plan offers Hulu and Showtime for the same $5 per month as Music Premium, but it also doesn't curb ads on YouTube. If you're more interested in watching your favorite video blogger than The Handmaid's Tale, YouTube Premium might be the better deal.