Adobe Academic License
Is the Educational version cut down in any way?
No the student version is identical to the full price version the only limitation is that you must be a student and use the product in a non commerical environment.
Who qualifies to purchase an Adobe Student Version ?
Students in education only. You can still use the product after you leave university/school but on a non commercial basis.
Qualified Individuals: Qualified end-users include full or part time students enrolled at accredited Higher Education Establishments, and students enrolled at an accredited primary or secondary school providing full-time instruction.
See Adobe for the full info note there is a version for teachers this is not the same as the student version.