Most software houses offer "student" versions of software (often with little or no functionality loss) at drastically lower prices. Microsoft packages at most colleges sell for 1/10th the normal shelf price. All you need is a current student ID. If they don't, often emailing the company will get you a "student coupon" for it, or in some cases a free code. (Especially if you mail from your schools .edu domain email.)

That said, no, I don't think it's ok. If they want to charge a student full price, find an alternative. One will exist, and it will be the one that's popular in 3 to 7 years when those students start entering the workforce and have skill with that tool set. (Ask Corel some time about how they lost the battle with WordPerfect.)