The Student/Teacher discount is available for the All Apps Plan only which includes everything in Creative Cloud (20+ mobile/desktop apps & online services). With this bundle, you get 60% off the 1st year and about 40% off thereafter until you cancel. Currently, USD $20/month for 12 months.
The other option is à la carte pricing for just Illustrator & Photoshop. Currently, USD $42/month for 12 months.