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Because of its status of "touristic" city, Venice can be a bit expensive when it comes to parties and events but there are many affordable options too.
On a casual night, Venetian students will just go out and drink a glass of good Italian wine in a bacaro. What on Earth is a bacaro? It's a sort of pub but smaller and cozier. Some of the best bacari are in the neighbourhood of Castello - which is quite close to San Marco - and near the Rialto bridge. Along with a huge variety of wines, these tiny pubs serve cicchetti which are a special kind of finger food.
If going to bacari is not exactly your thing then there are the theaters! We Ca' Foscari students love going to the Teatro Goldoni which has a special promotion for young people, as you can buy a ticket for just 4€ if you're under 26 years of age. Just to give you an example: my friends and I went to see the Merchant of Venice performed by the Globe's actors (among whom there was Jonathan Pryce aka the High Sparrow in Game of Thrones) for just 4€.
Another fantastic option if you're into theatre is going to the Fenice. The world-renowned theatre has a convention with Ca' Foscari University: if there are spare tickets, students can buy them for 10€. How nice. In October I ended up watching the Traviata in a seat which would have costed me about 75€ had I not been a student.
During the Carnival, many different events are organized, especially in hotels. The Peggy Guggenheim Collection sometimes hosts some aperitivi which are definitely fascinating. Moreover, many students host parties in their own homes which are usually really nice.
Last but not least, every once in a while the Casinò of Venice hosts some incredible parties for young people. The entrance ticket is about 15€ and two courses and a drink are usually included.