This is the 13011th most frequent Russian word.
льготной
"Льготной" means "preferential" or "concessionary."
Here, 'льготной' (discounted) is an adjective describing 'ценой' (price), indicating a price that is reduced for students as a benefit.
Студенты пользуются льготной ценой на проезд.
Students benefit from a discounted price for transportation.
In this sentence, 'льготные' (preferential) modifies 'условия' (terms), meaning veterans receive favorable terms.
Для ветеранов предоставлены льготные условия кредита.
Veterans are given preferential credit terms.
Here, 'льготной' (preferential) describes 'программы' (program), implying special favorable conditions within the program.