Your Creative Cloud files are stored on your desktop as well as on the Creative Cloud servers. If you cancel or downgrade your paid membership, you still have access to all of the files in the Creative Cloud folder on your computer and via the Creative Cloud website.
Your account will be downgraded to a free membership, which includes 2 GB of storage. If you’re using more than 2 GB of storage, you won't be able to upload new files to the cloud. To upload new files, delete files on the Creative Cloud server until the amount of storage you're using drops below 2 GB.
If you're over your storage limit, you have 90 days to reduce your online usage. After 90 days, you could lose access to some or all of your files saved on the Creative Cloud servers.