This is interesting, and I like what they are doing. However, I don't think it makes as much sense in a student context as it would for people with jobs and more choices. I didn't have a car when I was a student and I lived in the dorm with a roommate. That's an extremely spartan lifestyle right there.
But convincing people who can afford a lot of excess to cut back on it is a very good project, and something that would benefit the people who can afford the excess more than anyone.