Thanks, OF. I wasn't sure, as I am many years past eligibility.
If there are no rush tickets, gracey, go for standing room. It's actually cheaper ($24 during the week, $27 on weekends). You won't sit through the first act, or likely the whole ballet, but as long as your shoes don't pinch, it's not bad.
I would advise against accepting any number higher than 40 if you choose orchestra section (which will put you behind someone). My choice location is the Dress Circle. Grand Tier is also available. All levels the same price, which is also the price of a Family Circle seat.
All of the above is about the Met. City Center has no standing room, and the student rush policy may be different. You should check with the theater.
http://www.nycitycenter.org/