<PAGE>   1
                                                                    Exhibit 10.6

                                  TERM WARRANT


         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
         SECURITIES LAWS, AND ACCORDINGLY, SUCH SECURITIES MAY NOT BE
         TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH
         THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND
         STATE SECURITIES LAWS OR UNLESS AN OPINION OF COUNSEL REASONABLY
         SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH
         REGISTRATION AND QUALIFICATION IS NOT REQUIRED.



No. of Stock Units: 71,800                                       Warrant No. R-2



                                     WARRANT
                      to Purchase Shares of Common Stock of
                             STUDENT ADVANTAGE, INC.

                  THIS IS TO CERTIFY THAT Reservoir Capital Master Fund, L.P.,
or its registered assigns, is entitled to purchase in whole or in part from
STUDENT ADVANTAGE, INC., a Delaware corporation (the "Company"), at any time and
from time to time on or after the Commencement Date (as defined below), but not
later than 5:00 p.m., New York City time, on June 25, 2005 (the "Expiration
Date"), 71,800 Stock Units (as defined in the Warrant Agreement referred to
below) at a purchase price of $0.01 per Stock Unit (the "Exercise Price");
provided, that such purchase price shall not be less than the aggregate par
value of the capital stock contained in a Stock Unit, subject to the terms and
conditions set forth herein and in the Warrant Agreement, each such purchase of
a Stock Unit to be made, and to be deemed effective for the purpose of
determining the date of exercise, only upon surrender of this Warrant to the
Company at its office referred to in Section 15.03 of the Warrant Agreement,
with the Form of Exercise attached hereto (or a reasonable facsimile thereof)
duly completed and signed, and upon payment in full to the Company of the
Exercise Price (i) in cash or (ii) by certified or official bank check or (iii)
by any combination of the foregoing, all as provided in the Warrant Agreement
and upon compliance with and subject to the conditions set forth herein and in
the Warrant Agreement.

                  For the purposes of this Warrant, the "Commencement Date"
shall be the date hereof. On and after the Commencement Date and on or prior to
the Expiration Date, this Warrant may be converted, in whole or in part, at the
Holder's option, into the number of shares of Common Stock for each Stock Unit
evidenced hereby which is being so converted, equal to (a)(i) the product of (x)
the number of shares of Common Stock comprising a Stock Unit at the
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time of such conversion and (y) the Current Market Price per share of Common
Stock at the time of such conversion minus (ii) the Exercise Price per Stock
Unit at the time of such conversion, divided by (b) the Current Market Price per
share of Common Stock at the time of such conversion, all as provided in the
Warrant Agreement and upon compliance with and subject to the conditions set
forth herein and in the Warrant Agreement.

                  This Warrant is issued under and in accordance with the
Warrant Agreement dated as of June 25, 2001 between the Company and certain
holders (as the same may be modified and supplemented in accordance with its
terms and as in effect from time to time, the "Warrant Agreement"), and is
subject to the terms and provisions of the Warrant Agreement, which terms and
provisions are hereby incorporated by reference herein and made a part hereof.
Every Holder of this Warrant consents to all of the terms contained in the
Warrant Agreement by acceptance hereof.

                  The number of shares of Common Stock or other securities of
the Company constituting one "Stock Unit" are subject to adjustment in certain
events as provided in the Warrant Agreement.

                  The Company shall not be required to issue a fractional share
of Common Stock upon exercise of this Warrant. As to any fraction of a share
which the Holder hereof would otherwise be entitled to purchase upon such
exercise, the Company may pay a cash adjustment in respect of such final
fraction in an amount equal to the same fraction of the Current Market Price per
share of Common Stock on the date of exercise or may be round up to the next
whole number of shares.

                  This Warrant may be exchanged either separately or in
combination with other Warrants at the office of the Company referred to in
Section 15.03 of the Warrant Agreement for new Warrants representing the same
aggregate number of Warrants evidenced by the Warrant or Warrants exchanged,
upon surrender of this and any other Warrant being exchanged and upon compliance
with and subject to the conditions set forth herein and in the Warrant
Agreement.

                  The Warrants and the Warrant Stock shall be transferable only
upon compliance with the conditions specified in Sections 4 and 5 of the Warrant
Agreement, which conditions are intended, among other things, to ensure
compliance with the provisions of the Securities Act in respect of the transfer
of any Warrant or any Warrant Stock, and any Holder hereof shall be bound by the
provisions of (and entitled to the benefits of) said Sections 4 and 5. Upon any
such transfer effected in compliance with said Sections 4 and 5, a new Warrant
or new Warrants of different denominations, representing in the aggregate a like
number of Warrants, will be issued to the transferee. Every Holder hereof, by
accepting this Warrant, consents and agrees with the Company and with every
subsequent Holder of this Warrant that until due presentation for the
registration of transfer of this Warrant on the Warrant register maintained by
the Company, the Company may deem and treat the Person in whose name this
Warrant is registered as the absolute and lawful owner for all purposes
whatsoever and the Company shall not be affected by any notice to the contrary.
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                  Nothing contained in the Warrant Agreement or in this Warrant
shall be construed as conferring on the holder of any Warrants or his or her
transferee any rights whatsoever as a stockholder of the Company.

                  No provision hereof, in the absence of affirmative action by
the Holder hereof to purchase shares of Common Stock, and no mere enumeration
herein of the rights or privileges of such Holder, shall give rise to any
liability of such Holder for the Exercise Price or as a Stockholder of the
Company, whether such liability is asserted by the Company, by any creditor of
the Company or any other Person.

                  Any notices and other communications pursuant to the
provisions hereof shall be sent in accordance with Section 15.02 of the Warrant
Agreement.

                  Each term used herein without definition shall have the
meaning assigned thereto in the Warrant Agreement.
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                  IN WITNESS WHEREOF, the Company has duly executed this
Warrant.


Dated:  June 25, 2001


                                  STUDENT ADVANTAGE, INC.



                                  By:  /s/ Raymond V. Sozzi, Jr.
                                       -------------------------
                                  Name: Raymond V. Sozzi, Jr.
                                  Title:  President and Chief Executive Officer
<PAGE>   5
                                FORM OF EXERCISE

                  (To be executed by the registered holder hereof) The
undersigned registered owner of this Warrant hereby

                    SELECT ONE OF THE FOLLOWING TWO CHOICES:

         [irrevocably exercises this Warrant for the purchase of Stock Units of
         STUDENT ADVANTAGE, INC., a Delaware corporation, and herewith makes
         payment therefor in the amount of $_____________, all at the price and
         on the terms and conditions specified in this Warrant,]

                                       OR

         [irrevocably converts this Warrant into shares of Common Stock of
         STUDENT ADVANTAGE, INC., a Delaware corporation, all in the manner and
         on the terms and conditions specified in this Warrant,]

and requests that (i) certificates and/or other instruments covering such Stock
Units be issued in accordance with the instructions given below and (ii) if such
Stock Units shall not include all of the Stock Units to which the Holder is
entitled under this Warrant, that a new Warrant of like tenor and date for the
balance of the Stock Units issuable hereunder be delivered to the undersigned.


Dated:  ___________, ____


                                                ________________________________
                                                (Signature of Registered Holder)
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                                     - 2 -




Instructions for issuance and registration of Stock Units:


Name of Registered Holder:____________________________________________
(Please print)

Social Security or Other Identifying Number:__________________________

Please deliver certificate to the following address:

                      ________________________________________
                      ________________________________________
                      ________________________________________
<PAGE>   7
                               FORM OF ASSIGNMENT

                  FOR VALUE RECEIVED the undersigned registered owner of this
Warrant hereby sells, assigns and transfers unto the assignee named below all
the rights of the undersigned under this Warrant with respect to the number of
Stock Units covered thereby set forth hereinbelow unto:
<TABLE>
<CAPTION>
                                                                                Number of
Name of Assignee                         Address                                Stock Units
<S>                                      <C>                                    <C>


Dated:__________________
</TABLE>


                                                  ______________________________
                                                  Signature of Registered Holder

                                                  ______________________________
                                                  Name of Registered Holder
                                                  (Please Print)


Witness:


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