So that really works? I'm going to need to upgrade to CS3 later this year and I'll no longer be a student. It would be difficult to afford the full price for the suit.
Yup. Adobe encourages it.
Interesting:
http://www.adobe.com/education/purchasing/faq.html
Professional/commercial use
Student question
"I'm very interested in buying the Education version of Adobe Creative Suite, but first I want to know if the software can be used to produce work for paying customers once I am working in the industry, or do I have to buy a different version of Creative Suite once I'm working in the industry?
Answer
Good news! You can use Adobe Education software (any title!) to produce commercial/professional paid-for work when you leave school, or even while you are in school. In this regard, Adobe does not limit how student software is used. So students can use it to learn and to make money!
(Of course, students must agree to the terms of the End User Licensing Agreement which appears during installation just as every software customer must do.)
Education version
Student question
Is the Education version a scaled-down version? How is it different than the more expensive retail version I see being sold at other computer stores?
Answer
The Education and retail versions are virtually identical we do not modify the software itself. To differentiate the product offering between education and retail, we may remove some clip art, some fonts, or other non-application resources. So really, the only difference is price. Student customers can be assured that this as an opportunity to get the full version without paying the full price.
After graduation
Student question
What happens after I graduate? If a new version comes out that I want to buy, do I have to buy the full new retail version or can I save money and just buy the retail upgrade?
Answer
You are able to continue to use your Education version serial number when you leave school to upgrade to future commercially priced versions if you want to, rather than having to buy the next full version. So you save money now while you are a student, and also after you graduate!