"What happens to my files in the cloud if I cancel or downgrade my membership?
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 will 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 2GB of storage. If you’re using more than 2GB of storage, you will not be able to upload any new files to the cloud until the amount of online space used in your account drops below your allotted amount.
If you are over your storage limit, you have 90 days to reduce your online usage or you may lose access to some or all of your files saved on the Creative Cloud servers."