If you mean a student on a college campus, I can't agree more with MRT2 above. I just recently visited my Alma Mater, Virginia Tech, and couldn't believe the vast quantity of bicycles on campus...far greater than when I was there in the 1990s. Parking passes are apparently priced out of reach of most students, so they're choosing to bike now, which is great.

I saw a few high dollar bikes, but most bikes were older steel mountain bikes or hybrid bikes converted for road use with slick tires. Those older frames have the right type of geometry for stable riding that is preferred by bicycle tourists. Many were single speeds or older British roadster type bikes, probably with 3-speed hubs. In short, there was a little bit of everything, but the common theme was "inexpensive". Not only are inexpensive bikes less likely to get stolen, but you're also less likely to fret over a scratch or a nick from locking it up in a community bike rack somewhere.

You should be able to find a used bike at a good price on your local Craigslist. If everything works according to plan tomorrow, I'm picking up a 1995 Trek 750 for 65 bucks tomorrow evening. That is an example of a great candidate for a campus bike.