BOSTON - May 22, 2000 -- Student Advantage, Inc. (Nasdaq: STAD), the leading offline and online portal to the higher education community, is excited to announce several significant enhancements to their hub site, studentadvantage.com, including the debut of Student Advantage News, the first comprehensive online news source to combine up-to-the minute college news with daily news from around the world. The introduction of Student Advantage News, combined with additional site enhancements gained through strategic acquisitions and partnerships, allows Student Advantage to strengthen the appeal of its site, fortify its Web development capabilities and expand its offerings of best-of-class resources and services for students.

"Student Advantage News fills a void in the marketplace by creating the most robust, timely news site and aggregating news from on campus and around the world," says Matt Goldberg, director of Web strategy and product development. "This new content initiative, along with the resources we've added for scholarships, financial aid, self-assessment and relocation, help position us as the definitive source of relevant information on campus life and reinforce our position as the leader in the college market."

Student Advantage News Debuts at studentadvantage.com/news

A major enhancement to studentadvantage.com, Student Advantage News provides college communities, journalists and the general public with a single source for the latest student-related news from college newspapers across the country and major media outlets around the world. This new channel leverages the assets of Student Advantage's U-WIRE division, which holds the exclusive rights to the content of more than 500 of the nation's top college newspapers. In addition, Student Advantage News aggregates original content from Student Advantage's editorial staff, the Associated Press and Screaming Media's network of over 500 news sources.

Student Advantage News is organized into ten coverage areas including Top News, Activism, Business, Campus News, Entertainment, Higher Ed, Op/Ed, Politics, Technology and World. In addition, Student Advantage News features threaded discussion boards for online discussion and reaction to news stories, a "Week in Review" roundup of top stories from the past seven days, links to other online news sources of interest, political tracking polls and special reports on current campus hot topics.

Student Advantage Strengthens Web Team

College411.com

To further build the Company's Web development and content production capabilities, Student Advantage has acquired College411.com, a leading student-focused Web site supported by a strong team experienced in the development of student-oriented online functionality. The acquisition of College411.com provides Student Advantage with resources that will allow the Company to accelerate the development of new services and functionality for its members on the Student Advantage Network.

Acquisitions and Partnerships Further Enhance the Student Advantage Network

Student Advantage has made other exciting enhancements to the Student Advantage Network in an effort to provide relevant, practical services that will impact the lives of students. Through strategic acquisitions and partnerships, the Company now offers resources for financial aid and scholarships, relocation tools and interactive self-assessment activities that help students tackle the challenges in their everyday lives.

Scholaraid.com

To help students find solutions to financing their education, Student Advantage has acquired Scholaraid.com, a leading online resource for scholarship searches and education financing information. Due to Scholaraid.com's focus on high school students applying to college as well as on graduate students applying to graduate schools, the acquisition strengthens and extends Student Advantage's demographic reach to the pre- and post-college market.

Scholaraid.com, which after the acquisition will be known as Student Advantage Scholaraid, will remain a free online search engine designed to help students identify national, state and local scholarship opportunities that match their detailed user profile. With over 17,000 scholarships, totaling 2.5 million awards, Scholaraid.com covers approximately $3.5 billion in scholarship funds and $18.1 billion in loans and grants, making it the largest scholarship database on the Web.

Emode

To further improve the student experience and to increase students interactivity with studentadvantage.com, Student Advantage has formed a relationship with Emode (emode.com), the leading online source for entertaining, engaging and insightful personal assessment tests, dubbed "addictive" by People magazine. Emode assessments range from the serious to the hilarious and allow users to explore themselves, their relationships and the world around them. Through links on the studentadvantage.com home page and throughout all channels of the site, visitors can access an array of current Emode quizzes, ranging from "Are you afraid of success?" to "Are your work skills Y2K ready?" In addition, the partnership with Emode will continue to drive Student Advantage's traffic, registered users and membership.

MakeTheMove.com

To help students manage the relocation process each year, Student Advantage has signed a partnership with MakeTheMove.com, the leading online relocation service. Through MakeTheMove.com, consumers can set up or transfer their utilities, communications, and subscriptions and mail service. With the end of the spring semester and graduation approaching, Student Advantage Members will enjoy the convenience of the "one-stop" shopping offered by MakeTheMove.com, which will be featured on studentadvantage.com as a special service available to members during peak moving seasons.

About Student Advantage, Inc.

Founded in 1992, Student Advantage, Inc. (Nasdaq: STAD) is the leading offline and online portal to the higher education community. Student Advantage, Inc. reaches their constituents through its Student Services, University Services and Business Services groups. The overall mission of Student Advantage is to help students save money, work smarter, and make more informed life decisions.

Today, Student Advantage, Inc. reaches millions of students and counts over 1.85 million members enrolled in the Student Advantage® Membership Program. The Company has proprietary commerce relationships with more than 50 national sponsors and 15,000 local participating locations in 125 cities throughout the country, including AT&T, Amtrak®, Staples, Textbooks.com and Tower Records.

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This announcement may contain forward-looking statements, which are based on current expectations and involve a number of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by Student Advantage. Investors are directed to consider the risks of acquiring and integrating multiple businesses, doing business on the Internet, the volatility of Internet stocks in general, the cyclical nature of the Company's business and other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission including, without limitation, under "Risk Factors" set forth in Student Advantage's Quarterly Report on Form 10-Q. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.