I've been to Aveda once for a wash and style and a few times for a haircut - all by institute students. Try and call a couple weeks ahead to book an appointment as their appointments book up pretty quickly.
All my visits have been pleasant - everyone is very pleasant and friendly. Part of the Aveda experience is they offer you a coffee/tea when you first arrive and also a nice head massage. I also love the Aveda products they use on your hair during your appointment. However, do keep in mind that your appointment will very likely take about 2 hours for a pretty simple haircut (a trim).
My main gripe with the institute students is that they don't really listen to what I want when it comes to layering my hair - I have pretty thick hair and I always ask them to take some bulk off; of the 3 times I've been there only 1 time did the stylist kind of listen to me and take some bulk off - but that's only after I repeated to the educator that I wanted my hair layered and to take some bulk off.
I'd recommend getting a haircut by an institute student if you have pretty thin hair and are looking for a pretty simple haircut.
If you have a SPC card you do get 10% off their services; with the 10% off a haircut by an institute student comes out to be ~$27.