The Royal Opera House will offer seats at the ballet and opera for just £10 in a bid to tackle the common complaint of high ticket prices.
Students will be able to register by text message for the cheap seats
The Covent Garden venue has signed a deal with currency firm Travelex to offer tickets online to students, at least 24 hours prior to each show.
A spokesman for the ROH said the new scheme would help to change public perception of a "ticket price barrier".
The deal will run alongside the ROH's Travelex '£10 Mondays' scheme.
The ROH has faced accusations of elitism in the past, with tickets for the best seats selling for up to £175.
The idea of the cut-price ticket Travelex scheme, which started at the ROH last year, aims to attract a wider range of people to the theatre, including a younger and less affluent audience.
A similar £10 ticket scheme at the National Theatre in 2003 was so successful the theatre decide to adopt the scheme again in 2004 and 2005.
A spokesman for the ROH said the new cut-price schemes were helping to change public perception.
He said: "It shows we are making very real efforts to tackle one of the most contentious issues that people have - the fact they feel ticket prices are a barrier.
"The reality is that there have always been a range of prices from just £10."
Under the '£10 Monday' scheme, 100 top price tickets for opera and ballet on Mondays are available at £10 each.
The new Student Standby tickets will be for any previously unsold seats.
Students who have student ID can register for the scheme by text message or online, and will be notified by e-mail or text message if tickets are available
Tony Hall, chief executive of the Royal Opera House said: "It has been a wish of mine to find the best way to give students a chance to come and see the work at the Royal Opera House.
"Standby seats have always been suitable for those audiences whose lives are more able to accommodate last-minute decisions."
Highlights of the 2005/2006 ballet season, which starts later this year, include performances of La Sylphide, Frederick Ashton's Marguerite and Armand, Giselle and The Nutcracker.
The Royal Opera will open its season in September with a new production of Carl Nielsen's Maskarade.
Tenor Placido Domingo returns in Cyrano De Bergerac in May 2006 - a co-production between the ROH and New York's Metropolitan Opera.
Other highlights include the final two parts of the Opera House's new Ring cycle - Siegfried and Götterdämmerung - directed by Keith Warner. The complete cycle will be staged in October 2007.