A few years ago Airtran had a standby program for students.
Presenting AirTran Airways' X-Fares Standby Program. If you're 18 to 22 years old, you're eligible to fly standby to any of the many cities AirTran Airways flies to for just $59 per segment, or $79 for long-haul segments. You decide where you want to go. Just appear at the AirTran Airways ticket counter to put your name on the X-Fare standby list and pay for each flight segment.