Your LinkedIn search ranking is going to increase with an engaging profile headline. This is one of the prime pieces of real estate you have.
You want to offer as much information in a quick glance as possible. You do not need to use your current job title. Give them your elevator pitch at the top, tell them who you are and what you can offer.
If you are looking for a job, you can indicate open to a new job and use the #open to work photo frame. As a college student, just indicating this in your headline is not telling recruiters what you are looking for. Use vertical lines, slash marks, or commas to separate information.
Provide as much information as you can in case only your headline is read.