You sound like you would enjoy the bigger screen. Get the Air. Regret is a terrible thing to live with.
Exactly. For movie watching, the larger screen is the way to go. I, in addition to the Air, also have a Nexus 7.2, which, when playing back 16:9 or 1:2.35 movies, has comparable active screen estate than the Mini and almost exclusively prefer the Air because of the larger screen.
Also, 9.7" iPads have better colors because of the much larger color gamut (see
https://www.macrumors.com/2013/11/1...riticized-over-poor-color-gamut-and-accuracy/ ). While there are some players that allow for "turning up" saturation (nPlayer, AVPlayerHD, VLC - see the second half of section "
2. nPlayer" in my report at
https://forums.macrumors.com/threads/1652736/ for some screenshots showing this in action), it won't really fix the issue (and incur an additional runtime speed hit).
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I don't know if you have a Mini, but I took this pic for you.

The CC color is really a deeper yellow, and is larger than the text size on my Air while reading posts on this forum. Hope that helps.
P.S. I took this pic with my Air, and the autofocus kept jumping around. The text is very sharp compared to my Mini1, and definitely readable.
Or, better to go for something better than Apple's pathetic CC, in the first place. Even (DVD bitmap) VobSubs are rendered better and use proportional fonts, let alone true texual / styled subtitles, which can, in decent players like nPlayer, easily be replaced on the screen / magnified etc.
Also, I don't recommend purchasing Apple's iTunes Store at all. DRM, lower IQ, lower audio quality, no iOS-playable extras, one language etc.
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I am a college student as well. Get the Mini. You'll appreciate the size a lot more. Unless I'm doing something that requires a laptop like AutoCAD, I usually only bring the iPad Mini to school. You don't even feel it in your bag. It's fine for watching movies too. I just came back from a trip to Vegas last weekend and enjoyed watching movies on it during the flight.
Well, if you always keep it in the bag, then, the Air can be a better choice. I only recommend the Mini for people whom
pocketability is utterly important. If you don't want to pocket your tablet but already have a bag, then, the Air may be a better choice.
Also, it has a faster CPU (can be useful in some cases like software decoding of MPEG2 1080i60 ATSC recordings or interlaced 1080i60 H.264) and much better-gamut screen.