Your account will not be suspended, but your subscription could be.
Your student subscription will remain active as long as you still have a student status. If you stop being a student then the subscription will expire at its normal schedule, meaning if your subscription still has 11 months left when you stop being a student it will last for those 11 months, but at the end of that it would end.
You cannot continue as a student subscriber if you cannot prove you are still a student.
Apply for student/teacher discount
https://helpx.adobe.com/support/edu-forms
For details regarding the student/teacher provisions you can refer to the following information page:
https://helpx.adobe.com/x-productkb/policy-pricing/education-faq.html
Another good resource for getting information is the student and teacher edition information forum:
Here are some links regarding student discounts from Adobe:
http://www.adobe.com/education/students.edu.html?showEduReq=yes
http://www.adobe.com/education/student-eligibility-guide.edu.html
http://www.adobe.com/education/students/how-to-buy-eligibility.edu.html
Student/Teacher Plan software and other details:
http://www.adobe.com/creativecloud/buy/students.html