Answer A round-trip fare from the USA to Italy for $750 in December is good to great. Take it, especially if it lets you fly with your friends (same flight).
Airlines no longer offer student discounts, but take your student ID with you as museums and other attractions in Europe usually do offer student discounts.
Do join gthe airline's frequent flier program unless you already belong to a partner program:
https://www.delta.com/skymilesenrollment/skymiles/enrollment/index.jsp?t_cc=sm0010
Western Europe was expensive before the US Dollar took a pounding in the exchange markets, so there is a limit to how cheaply you can travel. However, being prepared and spending a little money before leaving home can save a lot of problems & costs later.
Packing properly will both save you from having to buy basics in Europe (expensive) and from having to waste time shopping for them.
Some tips (no particular order):
Check with your home medical insurance to find out if it covers you in Europe. If yes, take proof of coverage with you and have a general idea of how to make a claim from Europe (call them and ask). If no, you should get trip insurance. It's cheap and sold by travel agencies. You can also get coverage for trip cancellation and lost luggage.
Almost all airlines allow at least one checked bag free on international trips, but some now charge for a second bag. Know the airline's policy so it isn't a surprise. Tag your luggage inside & outside with your name (as it appears on your ticket), a phone number someone reliable will answer, your e-mail address, and our frequent flier number.
A small backpack makes a good carry-on, and you can use one you already have (ex. book bag). DON'T carry your passport or money/credit cards in your backpack.
You can travel almost indefinately using a carry-on and one suitcase of clothing. Choose items that mix & match and that don't need dry cleaning. Wear one set of not-too-casual clothes on the flight, pack a complete set of clothes plus basic toiletries in your carry-on, and pack 5 complete sets of clothing in your suitcase. Take one set of dressy clothing/shoes/accessories for going to nice restaurants/clubs unless you are certain you won't need it.
There will be laundry service in Italy. If using it isn't practical you can wash clothes in a sink using shampoo. Conditioner helps reduce wrinkles.
You don't say where in Italy you plan to go and it's not all the same weather in winter. Do the research and pack accordingly. For example, Rome is mainly chilly to damp + chilly in December.
Take a suppy of over the counter medications for headache/colds (Tylenol, etc.), indigestion (Rolaids, Alka-Seltzer), and travel diarrhea (Pepto-Bismol). Also bandaids, anti-biotic salve, eye-drops, and lip balm (Carmx). A travel sewing kit can save a lot of aggravation. You can get all of it in Europe but it will cost more, the brands will be unfamiliar, and you may need the items when it's not convenient to go shopping.
If you wear eyeglasses or contacts take an extra pair.
Pack water flavor packets like Crystal Light, and take a few snack bars so you don't have to find a store as soon as you arrive.
Don't take anything electrical that requires a voltage converter. Either get dual-voltage appliances or buy what you need in Europe.
The good news is that many devices now (laptops, cellphone chargers, i-Pods, etc.) normally accept any voltage and all you need is a plug adapter. Look on the power upply to be certain - it should say something like "Input 100-240V".
You can get plug adapters at luggage shops. This is an example of a plug adapter/surge protector, but stores like BestBuy sell them:
http://studenttravel.about.com/od/techtoys/gr/electricadapter.htm
Get an under the trousers security belt for your passport and most of your cash/plastic. This is an example and they are sold at luggage shops:
http://www.travelsmith.com/jump.jsp?itemType=PRODUCT&RS=1&itemID=11019&fromNewSearch=true&mercadoResultId=1
You need a passport if you don't already have one. Consider getting a Passport Card in addition to the regular passport. It makes great secondary ID and lets you keep your passport tucked away.
http://www.travel.state.gov/passport/passport_1738.html
If you don't want to or don't have time to get a passport card then take with you your state driving license or state ID card.
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Call the issuers for any credit/debit cards you might use and let them know you are going to Europe. Otherwise you risk triggering an automatic security hold on the card, which will require calling the USA to get the hold lifted.
Scan the photo page of your passport, other ID, and the fronts & backs of your credit/debit cards and send the images to yourself in an e-mail message. That way you have access to the information in case anything is lost or stolen.
Public transit in Europe is usually good and passes (day, week, month (are usually available.
Every large bookstore will have multiple travel guides for Italy, and more are available online. Plan your trip and look for potential problems such as "The museum is closed on Tuesdays".
Prices for food & drink immediately around major attractions can be outrageous. Carry some snacks & drinks (backpack) you got at a grocery store instead of paying $10 for a Coke at the stand outside the Vatican (or whatever).
Most hotels offer a breakfast buffet that is included in the room cost. You can make some sandwiches and take them with you (backpack). Note that some hotels don't allow guests to take foo
