In the absence of any clearly stated restrictions against commercial use of Adobe software puchased under any kind of discounted student or educational licensing program, I personally say "go for it".
If you have concerns about not being able to use the software for commercial reasons, certainly an inquiry to Adobe could be done, but even there you might get a wrong answer, so you should ask for specific documentation of such restrictions. In the absence of that, the burden of prosecution lies upon Adobe to pursue violations of a "no commercial use" rule and showing it was clearly stated for the product in question at the time of purchase. I suspect Adobe has a lot better ways to invest their time and money than in trying to identify an artist whose work they suspect was created using Adobe software, tracking down that person and, getting legal authorization to have an investigation performed into conclusively proving said artwork was created by Photoshop, Illustrator, etc. as opposed to other capabale digital imaging applications (Corel Draw, The GIMP, PaintShop Pro, etc.).
Zero reason for Adobe to offer such a discounted price on their software? I think not...for years we saw, and perhaps still do, Adobe software that was normally very expensive yet was greatly discounted when bundled with hardware. By the same argument of zero reason for a discounted student license, I could say the same would be true to those hardware/software bundles...but, there is good reason to offer the software at reduced prices in both cases: NEW CUSTOMER and FUTURE SALES, or at least the potential for that. Conversely, one might just opt instead for a lower-cost software package and happily stay with it for years to come.
I started using Photoshop with version 3.0 that was in a scanner bundle, and I've upgraded to nearly every version ever since. Sure, Adobe would've made even more off me if I'd paid the full price initially, but that is something I'd not have done...in fact, I even remember buying Micrografx Picture Publisher because it was inexpensive and yet pretty highly regarded at the time. After a bit of time using PS, I hated Picture Publisher, and as my experience grew, I also found my recommenations to others was to go the Adobe route. So, maybe that lower-cost investment in Photoshop paid off more in the long run for Adobe than if I'd paid full price or even a modestly higher one at the time. I think the same is true today, in Adobe offering their software at greatly reduced prices to students or anyone qualifying for a given discounted license.
I also believe that a discounted software license should come without any restrictions on commercial use, because:
1) Burden of proof is going to be more costly than the profit loss on the product in question unless pursued on a large scale, in which case the software manufacturer would (or should?) garner a strong customer backlash.
2) If a student qualifies to purchase discounted software and is talented enough to use said software to create marketable artwork, and if they can offset some of their cost of education by selling this artwork while still in school, then that's great!
3) Just because a student's education is later completed, shouldn't restrict them from commercially using software they purchased while still a student.
Regards,
Daryl