There's a new deal for students that won't be a big hit on their budgets, but could make it harder to focus on homework.

Music streaming service Spotify and video streaming service Hulu have teamed up, announcing Thursday a low-priced $4.99 per month subscription plan for students.

Spotify already offers a $4.99 per month Spotify Premium for Students plan, which gave a $5 discount on the company's regular Premium service. As of today, however, current and new student subscribers can add Hulu's limited commercials plan to it for free (go to Spotify's web site for more information).

As with Spotify's prior student offers this bundle is only able to college students over the age of 18.

Similarly, current subscribers to Hulu, assuming they are students, can move over to this lower-priced plan -- Hulu's monthly tier with limited ads is usually $7.99.

"In bringing Spotify and Hulu together, we’re now able to offer students – both the millions already on Spotify Premium, and those who are new to Spotify - access to the world’s best music, TV and movie content in the simplest possible way," said Alex Norstrom, Spotify's chief premium business officer in a statement.

By providing both services "in a single, highly compelling offer," said Tim Connolly, Hulu's head of distribution and partnerships, "we’re making it easier for people to enjoy all of the TV and music they love, whenever and wherever they want."

Spotify recently hit 60 million paid subscribers, up from 50 million subscribers in March.

Hulu, which is owned Fox, Disney/ABC and NBC (each own 30%) and Time Warner (10%), has on-demand movies and current TV series, as well as other series such as Seinfeld and South Park. It also has its own exclusive programming including The Mindy Project and The Handmaid's Tale. (A plan with no commercials runs $11.99).

Four months ago, Hulu began offering live programming from ABC, CBS, Fox, NBC and other channels for $39.99 monthly.

Amazon Music Unlimited also recently joined other subscription services such as Apple Music in offering student discounts. Amazon also offers a student discount on its Prime service, which includes two-day shipping and access to Prime Video, that drops the rate from $99 per year to $49.

Wishing you were a student to get lower rates? Well, the companies say they are looking at bundled packages for non-students in the future. So stay tuned.

More:Amazon Music Unlimited finally joins in offering student rates

Follow USA TODAY reporter Mike Snider on Twitter: @MikeSnider.