Being a college student does have its advantages. For one thing, you don't have to worry about jumping into the job market right away. No night is a bad night for a party. And yes, there are all kinds of discounts geared towards college students. Since students tend to travel a lot (to study abroad and for breaks) companies in the travel industry tend to offer them discounts. One of which being is travel insurance. More specifically, trip cancellation coverage. A lot of times this insurance deal will be offered as part of a total student travel package. You can find a listing of these packages at most travel agencies.

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