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From the British Museum and Venice`s gondolas to Greek islands and Alpine peaks, Europe lives deep in the American imagination. In the 19th Century, only the very affluent could afford the grand tours, which were protracted immersions in the treasures of the Old World.

In 1987, however, cheap trans-Atlantic flights and reasonably priced transportation and accommodations make Europe an affordable destination for many budget travelers, and that includes student travelers. For less than $1,400, travelers can spend a month trekking across the continent by second-class rail, sleeping in comfortable youth hostels or inexpensive hotels, and eating with the locals in cheery and cheap establishments.

Hitchhiking, camping and shopping at picturesque marketplaces will save even more. The best trip is a well-planned one. Follow your heart once in Europe, but plan a general itinerary in advance. This way, you can make sure you will have all the necessities, from paper work to luggage, covered before you leave.

Though this story is geared to the student travelers, who soon will be hitting the highways and byways, there`s information here for anyone who likes adventure and discoveries. And, as with any major trip, planning is necessary. Here are some important things to consider for any trip:

— Passport and visa: You must have a valid passport to travel in Europe. United States citizens may apply for a passport, good for 10 years (five if under the age of 18), at any office of the U.S. Passport Agency, or at any federal or state court or post office authorized to accept passport applications. You will need to complete an application form and bring proof of U.S. citizenship, one piece of identification bearing your signature and your photo or a description, and two identical photographs, each two square inches on a white background. Processing usually takes about two weeks if you apply in person at the Passport Agency, usually much longer elsewhere; it is best to file your application as early as possible. If traveling to France or countries in Eastern Europe, you will need the appropriate visa or visas;

check with the embassies, consulates or tourism offices of those countries for details.

— Money-saving documents: Students can save money with certain documents. The International Student Identification Card (ISIC) entitles you to discounts on museum admissions, transportation, theater tickets and various other bargains throughout Western Europe. The Youth International Educational Exchange Card entitles all travelers under age 26 to many of the same benefits accorded to ISIC holders. The International Union of Students Card (IUS) is the Eastern European counterpart to these cards, but despite its name it is not limited to students.

To purchase these cards:

International Student Identification Card (ISIC) is available through student travel agencies or through Let`s Go Travel, Thayer Hall-B, Harvard University, Cambridge, Mass. 02138, or call 617-495-9649. Price is about $10. It also is available through Student Travel Network, a student travel organization, 3249 N. Broadway, Chicago, Ill. 60657, or call 312-525-9227.

(This company also offers other student travel benefits as well as student air fares.)

Youth International Educational Exchange Card (YIEEC), available for $6 through Let`s Go Travel, or through the Council on International Educational Exchange (CIEE), 29 E. Delaware Pl., Chicago, Ill. 60611, or call

312-951-0585.

International Union of Students Card (IUS), Midland Bank Chambers, Howardsgate, Welwyn Garden City, Herts, England. For more information, phone 070-732-2487. It also can be purchased at student travel agencies in eastern European countries. You must have a passport or an International Student Identification Card.

— Money: When exchanging money, it usually pays to compare rates. The best rates are at banks; exchange large sums at one time to minimize the number of service charges. The safest and simplest way to take money is in the form of traveler`s checks. Some banks and agencies charge a 1 percent commission. Credit cards can be helpful, too, but not necessarily for the budget traveler. Places that offer the biggest savings probably won`t accept payment by credit card. However, credit cards can be invaluable when in a financial emergency; American Express, for instance, will cash personal checks up to $1,000 in a 21-day period.

— Air fares: It is difficult to generalize about air fares to Europe as prices and conditions fluctuate significantly from one week to the next. Travel hubs such as Chicago and New York are more competitive for flights than others. Direct flights on regular airlines are ordinarily expensive. Advanced Purchase Excursion Fares (APEX) may be a good deal. Reservations usually must be made 21 days in advance with a 7- to 14-day minimum and 60- to 90-day maximum limitations, and there are penalties for changes.

Charter flights generally are the most consistently economical flight option. You can book charters up until the last minute, but many summer flights fill up several months in advance. You must choose your departure and return dates when you book your flights, and if you cancel your ticket, you will lose some or all of your money. Ask a travel agent about the reliability of the charter company.

Yet another option are airlines that undercut the major carriers by offering bargain fares on regularly scheduled flights. Whatever you plan to do, shop around. Speak with travel agents and check the travel sections of major newspapers.

— Transportation in Europe: Transportation in Europe can be as cheap as you want to make it. In general, flying across Europe is an extravagance. Many airlines cater to business travelers and set prices accordingly. The only exception are holiday flights and charters between northern Europe and some spots in Spain, Italy and Greece. Second-class rail travel, though, is usually an excellent deal. European trains retain the romance and convenience that their American counterparts generally have lost. Compartments are great for meeting people of all ages and nationalities.

Travelers under age 26 can buy the Eurail Youthpass, good for one or two months of second-class travel. Price is $310 for one month of unlimited second-class travel and $400 for two months. Those age 26 and over can purchase only the first-class Eurailpass, which is almost impossible to make pay off. Before investing in a railpass, review your in-country travel plans to determine if you will use it often enough to save money.

Various Eurailpasses are valid in Austria, Belgium, Denmark, Finland, France, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and West Germany; they are not valid in Britain and Northern Ireland. In any case, don`t get trapped by the obsession of making the pass pay for itself by traveling to every possible place, for you may return with little but blurred memories of train stations. (Contact your travel agent about Eurailpasses or the government tourism offices for each country.)

BIGE tickets (also known as Transalpino) can be purchased at student travel agencies throughout Europe and are available for international trips and travel within France, save up to 50 percent and sometimes more on regular second-class fares for anyone under age 26. Tickets are valid for two months

(six months in Turkey and Morocco), and free stopovers in other countries, except Belgium, are allowed along a direct route.

There`s also the new France Railpass, which offers unlimited rail travel through France.

Travel by car frees you from the hindrance of travel schedules and inadequate transportation networks. Despite expensive gasoline and unfamiliar laws and driving habits that can make driving a frightening odyssey, renting a car in Europe can easily justify the money and trouble invested, particularly for groups and families of three or more.

Hitchhiking is much more common in Europe than in the United States, and is infinitely safer. Some swear they`ll never do it, others swear that there is no other way. Whatever your views, hitchhiking is the cheapest way to get around, and just about the most interesting. Before you start to hitch in a new country or region, find out about safety and convenience; conditions vary greatly from place to place.

— Accommodations: Hostels can be the budget traveler`s bonanza. Quality does vary widely, from hostels set in strikingly beautiful castles and boats to others in run-down barracks. Prices are extremely low at $5 to $10, and kitchen facilities or cheap, though possibly bland, meals are often available. Most important are the opportunities to meet other travelers from all over the world, find new travel partners and learn of new places to visit. Most guests are 17 to 25 years in age, but hostels are rapidly becoming a resource for all ages.

In most countries you must have an International Youth Hostel Federation

(IYHF) membership card to be eligible for hostel accommodations. Hostels are quite expensive in London, Switzerland and northern Europe, but very reasonable in countries such as Italy and Spain, particularly for couples traveling together. A bathroom of your own costs extra when provided, and so do hot showers.

The IYHF card can be puchased in Chicago at the American Youth Hostel office, 3712 N. Clark St., Chicago, Ill. 60614, or call 312-327-8114. It costs $20 for ages 17 1/2 to 59 1/2; under 17 1/2 and 60 and over, price is $11. The card also is available through American Youth Hostels, P.O. Box 37613, Washington, D.C. 20013, or call 212-6161.

Camping, the cheapest alternative, frees you from hostel regulations;

drab, cheap hotels; and, in most cases, the limitations of advance reservations. There are organized campgrounds in almost every European city, and in the countryside they`re often beautifully situated by lakes, rivers or the sea. If you`re searching for solitude, unofficial camping may be more your style.

Sweden, Finland and Norway have long had laws permitting you to camp for one night anywhere except on fenced land, and farmers in other countries often will let you camp on their property if you ask permission first.

— Where to go: Many first-time travelers are imperialists at heart: They yearn for territory, and their instinctive aim is to get to every capital and every coast. But blitzing Paris in three days or Italy in a week is not seeing Europe–it`s mistreating your body and subjecting your memory to a confusing blur of museums and train stations. Instead, spend some time away from the major tourist attractions. Get out into the city streets for a day, wander, and soak up the sights, sounds and smells. And instead of hopping from one capital to the next, pause and spend a few days in the countryside or in a small town, where the slower pace will bring you closer to the locals and their lifestyles. Consider exploring various aspects of European culture and life, and then be on the lookout for sights and people that give you a feel for those aspects.

Now that you`ve got the basics down, here are some suggestions for planning a trip around a certain theme. For example, if you`re into politics, head for Moscow or East Berlin. If art is your passion, consider stops in Barcelona, Stockholm and Munich. Architecture buffs will want to consider Carcassone, France; and Celle, Germany. For the ”born to shop” group, there`s Paris, London and Cairo. Another category focuses on where to find the best night life.

In each city, there are suggestions for inexpensive places to stay and eat. (Prices listed are approximate and subject to change.)

So now ”Let`s Go”:

Architecture

Barcelona

Few modern architects can match the whimsical invention of Antonio Gaudi, the major figure in the Catalan Renaissance at the start of this century. Barcelona is the place to take in his most noted works: Casa Milga on the Passeig de Gracia resembles a chocolate-frosted cake slowly melting; Parc Guuell on the outskirts of town has open, pillared pavillions, walkways and giant salamanders, all covered with multi-colored tiles; his great cathedral, the Sagrada Familia, its sides emblazoned with exuberant scriptural quotations, stands provocatively unfinished.

Since the architect`s untimely death in a streetcar accident, no one else has been able to complete its far-flung design. In addition to Gaudi`s innovations, Barcelona is jammed with architectural reminders of earlier periods. Just wander through the Barri Gotic (Gothic Quarter) to get a feel for medieval Spain.

Accommodations: For a brief stay in Barcelona, it pays to keep close to the hub (Placa de Catalunya). Try Hostal Noya, on Rambla de Canaletas 133, or its upstairs neighbor Hostal Canaletas. Both charge about $8 a person. Hostal- Residencia Oliva, at Passeig de Gracia 32, offers more comfort for about $12 a person.

Food: Paella is more native to Valencia, to the south, but one can find good samples in Barcelona as well, which has its own gastronomic favorites:

butifarra sausage and lots of dishes with faves (lima beans). Try Restaurante Ambos Mundos, on the bustling Placa Reial, where a regal meal costs about $5. Carcassone, France

Once inside the walls of Carcassonne`s fortified city, all recollections of modern nuisances dissolve. The Cite (fortress) is about the only reason to visit this sleepy town in southwestern France`s Languedoc region, but it makes the trip worthwhile. A good 200 Frenchmen still make their home inside the imposing ramparts, which were devastated by northern French in 1209 and restored, also by northern French, in the 19th Century. While in the area, be sure to visit some of the haunting and secluded Cathar castles in Lastours or Montsegur.

Accommodations: Hotel St. Joseph, rue de la Liberte 81, has pleasant rooms for $14.

Food: Au Bon Pasteur, rue Armagnac 29, cooks up a mean version of the local dish cassoulet, filled with goose, duck, sausage, and lethal beans, for $5.

Celle, Germany

Celle is a lovely little town 50 miles from Hamburg. Traditional German row houses have been preserved here; they line the roads colorfully and are topped with hospitable inscriptions in Old German. Its charming Herzogs Schloss (Duke`s Castle) was built in 1670.

Accommodations: The Verkehrsverein at Schlossplatz 6a will reserve a local room for $10.

Food: Regional cuisine is heavy on venison dishes, and all the many taverns are inviting.

Art and museums

Paris, London, and Florence are paradises for art aficionados and lovers of European history. But the continent holds museums, large and small, that are often overlooked by the checklist-minded traveler.

Barcelona

When in Barcelona, visit the Fundacio Miro, down the street from the huge stadium. The handsome whitewashed building (delightfully air-conditioned) was designed by Catalan architect Josep Liuis Sert in 1975. It contains a permanent exhibit of Miro`s work and often accommodates first-rate visiting exhibitions. (Admission: $2; students, $1).

Downtown the Palau Aguilar is now home to one of Barcelona`s great tourist attractions, the Museu Picasso, where you can follow the artist`s development from his early textbook doodlings to his last exhibition posters. Its 30 rooms of paintings and drawings include masterpieces such as the 58 works in the Maids of Honor series (1957), Picasso`s reinterpretation of the famous painting by Velazquez in the Prado. (Admission: $1.50; students, free). Stockholm

For a unique display of 19th Century Scandinavian life, the Skansen Museum lays out a ”Sweden a Miniature” on acres of forested landscape on Djurgarden, Stockholm`s pleasure island. (Admission: $2.75, summer; $1.25, winter.)

Nearby is the Wasa Museum, the only museum in the world that houses a fully salvaged, 17th Century warship.

Accommodations: To push the nautical theme to the limit, stay at Af Chapman, a fully rigged 19th Century sailing ship that has been converted into an IYHF hostel. Moored off the island of Skeppsholmen and a five-minute walk from downtown, the ship gets booked early. (IYHF members, $7; nonmembers, $9.75. Curfew is 1 a.m. Open March to mid-December.)

Food: Near the fresh fruit market downtown is Ortagarden, which offers one of the best bargains in town: a $6.50 buffet of vegetarian dreamland

($8.50 on the weekend).

Munich

Munich is one of the world`s great museum cities, with several stunning collections. Perhaps best-known are the Alte Pinakothek, 27 Barer Strasse and the Neue Pinakothek, just across the street. The Alte museum holds an extensive collection of great northern European and Italian art, including a number of Daurers and Rubens. The Neue museum collection features paintings and sculpture from the 19th Century with emphasis on artists who livedn in Munich and Bavaria in the 19th Century. (Admission to each museum is $3.50;

students, about 50 cents. Admission is free Sundays and holidays.)

If your aesthetic senses are swamped, a third museum is the Deutsches Museum, one of the most important museums of science and technology in the world, fills an entire island in the River Isar. Highly recommended are the planetarium and the daily electrical show, which will warm the heart of any would-be mad scientist. (Admission: $3; students, $1).

Accommodations: For another lodging adventure, stay in Jugendlage Kapuzinerholzl, in den Kirschen. (To reach it, take U1 to Rotkrenplatz and get on tram number 12. Disembark at Botanischen Gardens.) It offers cozy accommodations in a large circus-style tent.

Food: Zum Bogner, Im Tal 72, near the Rathaus is a big, bustling place, with a great atmosphere and every Bavarian specialty under the sun. Excellent pork and beef dishes from $5. Try the Bavernschmaus for a little of everything.

Politics

Moscow

Any person interested in U.S.-Soviet relations would broaden his perspective by a trip to the headquarters of Communism. Don`t expect to witness the workings of Soviet government firsthand. However, by visiting the nation`s monuments and simply by observing and mingling with natives, an American tourist can learn a great deal about the Soviet Union. Surrounded by a high, thick wall, the 69-acre Kremlin seems a succinct expression of the power and centralization commonly attributed to the U.S.S.R. It is here where decisions affecting the whole world are made.

The Grand Kremlin Palace, where the Soviet Supreme meets, is closed to visitors, but the Palace of Congresses, where the party sets its five-year agendas, is open. Outside the Kremlin, the greatest pilgrimage a patriotic Soviet can make is to Lenin`s Mausoleum on Red Square, center of downtown Moscow. Since most authorities consider it a shrine, shorts and cameras and other displays of a casual attitude are forbidden.

Just off Red Square at Ploshchad Revolyutsii 2 is the Central Lenin Museum and the Historical Museum. Both are musts for anyone interested in Soviet history. Another memorable site is the eternal flame of the Tomb of the Unknown Soldier, which commemorates the 20 million Soviet citizens lost in World War II.

Accommodations: Write Intourist, 630 Fifth Ave., Suite 868, New York, N.Y. 10111, or call 212-757-3884.

Food: Slaviansky Bazar, Ul. Dvadtstat Piatovo Oktiabria 17. This old Moscow landmark used to be a favorite restaurant of wealthy Moscow merchants and the intelligentsia. Start off with a shot of vodka, osetrina (sturgeon), or ikra (caviar), and follow it up with bliny, bifshteks, or chicken and shampanskoe (champagne).

Aragvi, Ul. Gor`kovo 6. Georgian cuisine. Became famous during the reign of Stalin, Georgia`s native son. Specialities include satsivi (cold chicken in a walnut sauce), suluguni (fried cheese), and shashlyk (shish-kebab). Have a bottle of Mukuzani or Tsinandali with your meal.

Kafe Moskva, Ul. Gor`kovo 6, near the Intourist Hotel and Red Square. Popular with Muscovites; expect a long line.

West Berlin

A visit to the divided city of Berlin will provide edification for anyone interested in modern politics. A capitalist city, West Berlin is surrounded by a communist country and is infused with history. Schloss Bellevue, official residence of the West German president, lies just north of the Siegessaule. The Gedenksstatte Plotzensee Memorial, a somber monument to the victims of Nazism, exhibits documents recording death sentences of ”enemies of the people.”

Accommodations: Jugendguastehaus (IYHF), Kluckstr. 3, 1000 Berlin 30. Bus 29 from Kurfurstendamm toward Oranienplatz takes you to the door. Central location and a friendly management. Members only, about $9, breakfast included. Usual curfew is midnight; if you arrange in advance, you can sometimes stay out until 1 a.m. Open all year.

Charlottenburger Hof, Stuttgarterplatz 14. U-Bahn: Willemsdorferstrasse. Good location only 4 minutes from Ku`damm. Very clean rooms with funky pictures. A great buy. Singles: $17 to $19.50; small doubles, $25 to $45;

triples, $45; quads,$56.

Food: Mensa of the Free University, corner of Habelschwerdter Allee and Thiel Allee. U-Bahn 2: Thielplatz. Reputedly one of the best in Germany. Meals from 65 cents, ISIC required. Open all year and noon to 2 p.m. Monday to Friday.

Cafe Voltaire, Stuttgarterplatz 14. Trendy but inexpensive cafe. Great breakfasts served from 5 a.m. to 3 p.m.; warm meals noon to 5 a.m. Try the Rasta Pasta, $4.50. Open 24 hours.

East Berlin

This centerpiece of the socialist world is the heart of pre-war Berlin. As you enter through Checkpoint Charlie, take a good look at the wall that has caused so much turbulence in its 25-year history and has come to symbolize the rift between the communist and capitalist worlds.

Other places of political interest in East Berlin include the Monument to the Victims of Fascism and Militarism (next to Humboldt Universitat on Unter den Linden), and the Soviet War Memorial (at S-Bahnhof Treptower Park).

Accommodations: Berlin is the one city in the DDR that has no shortage of Interhotels. Nonetheless, a room for less than $10 is just about nonexistent. A cheaper alternative is Christliches Hospiz, Auguststr. 82. Cost is roughly $6.

Food: Morava, Rathauspassage 5, right at Alexanderplatz. Good Czech food in a nice atmosphere. Try their paniertes Schweinschnitzel mit Kase (breaded pork chop cooked with cheese). Beer is 25 cents expensive by DDR standards.

Cafe am Palast, on Karl-Liebknecht-Str., just across the Spree from the cathedral, down the street from Gastmahl des Meeres. Expensive by East German standards, but still tasty and affordable; lines infrequent. Try steak with pineapples on toast ($1.50), Apfelstrudel (20 cents), and a pot of cocoa (25 cents).

Paris

Paris has hosted revolutionaries for hundreds of years. Anyone who observes the student strikes and terrorist activity of modern Paris sees that the city that introduced ”the reign of terror” and ”liberte, egalite, fraternite” to the world is still brimming with political activity.

Now is an especially good time to witness politics in action as the French grapple with cohabitation, the alliance of socialist and conservative parties now ruling the government. Louis XVI, Marie Antoinette and Robespierre lost their heads to the guillotine at the place de la Concorde, a monument any proponent of democracy ought to see.

The Arc de Triomphe, the world`s largest triumphal arch and a symbol of France, offers a grand view of the city. But you might learn more about politics just by arguing with the thousands of intellectuals and radicals who haunt the bars and cafes of Paris.