The ANSWER.....
Found on ADOBE N.American Website!!!
HOW CAN I USE MY SOFTWARE DURING AND AFTER SCHOOL?
Do the Student Editions have restricted functionality?
Adobe Student Editions give the end user all the features and functionality of the commercial versions. The software may be used only on a privately owned computer, and the end user may not transfer or resell ownership of the Adobe Student Edition license.
Is there a time limit on using the Student Editions?
No, there is no time limit on using the Student Editions.
Can a Student Edition also be used for commercial purposes?
In North America, Student Edition software can be used for commercial purposes. Outside North America, Student Edition software is for noncommercial purposes only.
How many versions of a Student Edition can I purchase?
Each eligible person may purchase only one copy per Adobe Student Edition. For example, a student may purchase only one copy of Creative Suite 4 Design Premium Student Edition. If that student buys an additional copy of Design Premium Student Edition, no serial number will be issued for it.
How many computers can I use a Student Edition on?
A Student Edition can be used on only one computer. This is ensured through a product activation procedure, which is performed online.
Can I upgrade from a Student Edition?
Yes, a Student Edition can be upgraded to a commercial version.
Can I resell a Student Edition?
The end user may not transfer or resell ownership of the Adobe Student Edition license.
Can I use a Student Edition after I graduate?
Yes, after you graduate, you may continue to use your Student Edition; the license does not expire.
Can I use a Student Edition on a computer at school?
No, you may use your Student Edition only on your own private computer.
http://www.adobe.com/education/students/studentedition/faq.html