College kids love music, but most of them are poor as dirt. Spotify knows this, and in an attempt to encourage more young adults to opt for the premium version of the service, the company has decided to offer it for half-price.

Starting now, Spotify is offering a new Student Discount. The discounted subscription is available to any student enrolled in a US Title IV accredited school, which covers most four-year and two-year institutions as well as junior colleges. Sorry, other parts of the world–this is a US-only offer.

Spotify will user SheerID to confirm your status as a current college student. You can read the fine print here, but the basics are as follows: you activate a “discount period” of 12 months, during which your Spotify premium subscription will only cost $5 per month as opposed to the standard $10. Every year, students can re-up their discounted subscription for up to 4 years total.

Of course, poor college kids could always just stick with Spotify Free, which recently added free mobile streaming (a huge deal), although it’s saddled with restrictions. But $5 per month for premium is a tempting offer, as it gets rid of annoying ads, and lets you play any song you want any time you want, anywhere you want.

It’s pretty cutthroat in the world of streaming music providers nowadays, as the field continues to fill up with competitors. Earlier this year, Rdio made a big push for listeners by going free on the web (ad-supported, of course). On the flip side, Pandora was forced to hike the prices on their premium tier subscription, citing rising royalty rates. in the midst of these established players, new kids on the block like Beats Music continue to pop up.

It’s put up or shut up time in the world of streaming music.

You can sign up for the new Student Spotify Discount here.

Image via Spotify