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During the fall semester, parking on campus is very difficult, students
circle the lots like vultures, waiting for an empty
space,
and most students soon realize that taking a 7 a.m. class, despite
the effort it takes to get up that early, at least cures their parking woes.
The comma between space and and is correct. Students circle the lots like vultures, waiting for an empty space can stand alone as a complete sentence. Most students soon realize ... begins the next complete sentence.
A comma and coordinating conjunction like and is a legal way to join two complete sentences.