I feel you are mixing something up here. Assume that the student ID discount or Costco card, etc, are being borrowed: used with the card holder's blessing. Or borrowing a Netflix password.
It is the institution giving the student ID discount, or Costco or Netflix, who are not happy about it, and call it theft.
It is the institution giving the student ID discount, or Costco or Netflix, who are not happy about it, and call it theft.
But it is not theft of the identity.