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I am coming to the end of a year long voucher subscription to adobe creative cloud. I wish to have it two more months whilst I am still at University however on my account it only allows me to pay the full amount of £54. A student account is £16 a month so I presume I have to create a new account online with my student email. Will this mean that all of the work on photoshop etc is on my old account and I cannot get access to it?
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yes, that's what it means. ie, you should download your wanted cloud assets your local computer before ending that subscription, https://helpx.adobe.com/enterprise/kb/transfer-assets.html
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I think student accounts are only available for an annual commitment. Even if paid monthly, I think there will be a cancellation fee if you cancel after a couple of months.
It might be less expensive to just open a regular month to month (not annual, paid monthly) account if you only want to use it for two months.