What happens to my files if I change the storage amount on the account

You should always have a local copy of all files, not just in the cloud
If you don't have space on your computer drive use an external drive
I use a Sata docking station and SEVERAL 'bare' drives for backup
https://www.amazon.com/StarTech-com-External-docking-station-drives/dp/B00U8KSLA8/

no, they won't disappear, but you should back them up to local storage if they're important.

and yes, adobe offers a low cost photography plan, but your cost may be higher because all the adobe published prices are for first year subscriptions.

i recommend you contact adobe support and get a clarification of costs and benefits.  if you have an individually administered student plan, there are 3 ways to contact adobe; chat, phone and twitter:

chat:
use a browser that allows popups and cookies, and click here, https://helpx.adobe.com/contact.html?rghtup=autoOpen
in the chat field (lower right), type AGENT
be patient, it can take quite a while to reach a human.

phone:
https://helpx.adobe.com/contact/phone.html

twitter:
tweet @AdobeCare

p.s. if you're contacted by anyone (via email or private message), it's much more likely to be a scammer than an adobe representative. ie, double check for an employee badge if contacted in the forums and look for an adobe.com domain in the email address if you click reply to an email. then check again and be very suspicious. any other method of contacting (or offering to contact you) is almost certainly a scam, https://community.adobe.com/t5/using-the-community-discussions/staying-safe-in-the-adobe-support-community/td-p/12919684/redirect_from_archived_page/true

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