I am not a college student anymore, but I can only imagine the time savings of searching for answers and/or keywords in an ebook when writing a paper or finishing a take home test.
As for the ebook vs print argument as a 29 year old, I always order my books on amazon in paperback or hard copy. I stare at a screen all day, and don't want to sit down for an enjoyable read using the same medium. I also always order used copies of books and the prices are often times $.99-$2.00. Far cheaper than a digital copy.