I am a college student who is relatively new to investing. This summer, I opened a Roth IRA through T. Rowe Price and I have contributed $2,500. Can I open another Roth IRA with another company such as Vanguard, and buy mutuals funds there as well, provided I don't go above the $5,500 limit?
There are brokers that offer mutual funds with no fee. Others offer no commission ETFs. This would enable you to buy funds or ETFs from multiple fund families, if that's your wish, but keep them in the same account. My own preference is to keep things as simple as possible, the fewer accounts, the better. If somehow one broker's offering isn't to your liking, you should be able to do it with 2.
Great start, and the Roth is a great choice to kickstart your retirement account.
Yes, you can. The limit is for all the contributions together.
Just to make sure you're aware of this - you cannot put in an IRA (Roth or Traditional) more than your earned taxable income. I.e.: salary/self-employment income. You cannot put anything in IRA if all your income is non-earned (capital gains, passive income, gifts, inheritance, etc).
Since you are talking about small amounts of money, you are probably best keeping it all in one place. When you move above $50K or so, there may be a desire to move things round a bit. Keep your life simple as you are starting out.