Write and read as often as you can. I suppose this could really apply to a lot of writers, not just students, but it's such a staple I think it's worth saying.
Write, because writers aren't called that for people-watching, much as they do it. Write novels, short stories, novellas, flash fiction, whichever strikes your fancy, in whatever genre. Finding your niche, the genre(s) and style(s) that you're most comfortable writing and can write the best, will probably take some experimenting.
You will write horrible stuff sometimes, and other times it will feel like you'll never produce something good enough to see the light of day. But forge on, because the act of writing can inspire, and also because being a writer takes time--and work.
Another thing? Perhaps think about trying some challenges, if you're the sort who likes them (or even if you're not) and you have the time; they're a great way to test your limits and see just what and how much you can accomplish in a set amount of time, or for a specific goal.
Reading books, the other element, is also quite important, because there's a lot to learn from a book you enjoy and even from a book you hate. With a story you dislike, you can find out what it is that bothered you and why--and be sure not to make the mistake yourself in your own projects. And the good ones are excellent demonstrations of how to write.
Do think about what influenced your opinion of a story after finishing it: was it the writing, plot, setting characters? Did the author use an interesting POV or did the character have an interesting voice? Do the plot twists come as often as they should, are there holes you could drive a truck through? All of those factors are important in creating something that will appeal to readers, and they are certainly worth considering. (Book reviews can be a great way of spelling out your thoughts--there's even a demand for them).
So, again, my advice would be to write and read. They're closely interlinked. Without one, there would be no books, and without the other, we'd all be talking to an empty void. Writers write to be read, readers hope there will be writers to satiate them. Being a writer can be tough, but it's also very rewarding when you come up with something that's meaningful to you. And it's even more gratifying when a reader comes along and finds something in it as well; and the more you discover about the craft, the more likely it is that they will.
-----The Golden Eagle