Student is one of Spotify's strongest value plays, but it only works if you treat eligibility as part of the product. The price is excellent relative to standard Individual pricing, yet the whole offer depends on passing SheerID verification and keeping that status current. If you assume you can sign up once and ignore the rules after that, the plan becomes more confusing than it needs to be.
The Hulu inclusion is important in the US because it changes the value calculation quite a bit for anyone who would otherwise pay for both services separately. That does not mean everyone should join Student automatically, but it does mean the headline $6.99 price understates how much practical value the bundle can represent for the right user.
Spotify's support guidance also matters on billing. The company says Premium Student cannot be paid for through mobile billing or another company such as a phone or internet provider. That restriction matters because a surprising number of billing problems begin when people try to carry student eligibility into a payment route that Spotify does not allow for that plan.
The safest way to think about Student is that it is excellent value for eligible users and a dead end for ineligible ones. If you qualify, it is usually the first Spotify paid plan worth checking. If you do not qualify, it is better to stop there and compare Individual, Duo, Family, or Free rather than trying to force the student route to work.
Source: Official: Spotify Premium Student US