[SalesForce] Picklist and Text IF Formula

I'm having trouble with a IF formula that I am asking to search for these specific values to return two types of students but I am receiving an error that I am missing part of my expression. Can anyone explain what I am doing wrong here? I simply want it to meet all these values and produce "international" or "domestic" below:

Student type is a picklist field

Status is a picklist field

Owner is a text/lookup to a user

IF(ISPICKVAL( Student_Type__c ,"First-time Freshman"),
IF(ISPICKVAL( Student_Type__c ,"First-time Freshman with College Work"),
IF(ISPICKVAL( Status__c   ,"Freshman"),
IF(ISPICKVAL( Status__c   ,"Freshman with College Work"),
IF(CONTAINS("Melissa:Holly:Robert",Owner__c), "International","Domestic"))))))

Best Answer

Your formula will never return true. One picklist field can never simultaneously have two options selected.

You haven't given the error text, which makes the specific problem harder to identify, but I think the following might more closely represent what you are looking for:

IF(
    AND(
        // all inner clauses must be true for the whole to be true
        OR(
            // either inner clause must be true for the whole to be true
            ISPICKVAL(PicklistField1__c, "Option 1"),
            ISPICKVAL(PicklistField1__c, "Option 2")
        ),
        OR(
            // either inner clause must be true for the whole to be true
            ISPICKVAL(PicklistField2__c, "Option A"),
            ISPICKVAL(PicklistField2__c, "Option B")
        ),
        CONTAINS("X:Y:Z", Owner__c)
    ),
    "International", // value if all the above is true
    "Domestic" // value if all the above is false
)

As I learned from @sfdcfox, you can shave some compile size with some fancy restructuring:

IF(3 =
    CASE(PicklistField1__c, "Option 1", 1, "Option 2", 1, 0) +
    CASE(PicklistField2__c, "Option A", 1, "Option B", 1, 0) +
    IF(CONTAINS("X:Y:Z", Owner__c), 1, 0), "International", "Domestic"
)