Our understanding comes from speaking with the person who actually sets the rules
A student ticket bought online, is valid on any service same day without surcharge.
Quote:
Discounted adult tickets are valid only on the train upon which they are booked. Student and Faircard tickets are full price are flexible and can be used on any train on the date printed on the ticket. You are still advised to get the tickets endorsed for the train you are now travelling on.
So if you are a student you have a choice, pay the cheap fare and lose flexibility or pay the full fare and retain the ability to change your plans at no cost.
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