Its 10% off your bill each month (excluding taxes & surcharges). The % may go higher in the future that is if more and more join it. This applies to BOTH NEW & OLD accounts. You can submit online (FOR CURRENT SUBSCRIBERS ONLY): http://goo.gl/MpP16
For CURRENT Subscribers: This requires an ACCOUNT MIGRATION. This WILL take approximately 2 bill cycles to complete. YOUR BILL CYCLE WILL BE RESET TO A DIFFERENT DATE. Usually you will get an instant HANDSET TIME FULFILLMENT UPGRADE RESET. In which, you can then UPGRADE like your becoming a NEW customer again. Remember to enter 13997TMOFAV as its the usual code to enter at checkout if you order online or by phone. YOU MAY BE REQUIRED TO CHANGE YOUR RATE PLAN IF IT IS NOT CURRENT. ACTIVATION FEES ARE ALWAYS WAIVED.
For NEW Subscribers: Same applies except for an ACCOUNT MIGRATION.
Sometimes you can receive special discounts on accessories and handsets plus the % off each month this is basically it. Your Membership ID# is in the email when you sign up for STUDENTRATE.
You may find a better handset discount at a site like Letstalk, Amazon or Best Buy for example. However, the ACTIVATION FEE may not be waived.