You've got an exam in a week, a flat full of other people, and an account nobody spends for fun.
Concentration doesn't die from big sounds, it dies from small ones: a bag of chips crinkling in the library, a burst of laughter down the hall, a bus engine idling. ANC strips out the steady background noise, and plenty of people keep it on without any music at all. The shared flat goes quiet, even if the flatmates don't.
Let's talk money straight: we don't assume every student has two hundred euros lying around. A warranty-serviced VMK20 costs 109 €, with the same 24-month warranty as a new pair.
And when your studies drag on longer than planned, your headphones don't have to change with them. You replace the worn pads yourself, and we take care of any faults, under warranty and after it.
Peace and quiet to study in is the cheapest student aid no financial aid office will ever grant you.
P.S. On a student budget you travel by night bus. That is where headphones earn their keep: headphones for travel.