Re: Software options??
Another option (since students are always looking to save some $), is to look for older versions to drop in price a few weeks (or months) after CS5 is released. If you are used to Version 7, any upgrade will bring tons of new tools and concepts. If you are also a photographer, consider upgrading to CS4. The version of Adobe Camera Raw (ACR) that comes in that version is superior to older versions and supports most cameras. The ability to work with RAW files is a major plus, and speeds many corrections to JPG files as well.
In addition to the Educational version discounts, you can also acquire a used copy from a previous Photoshop user at little to no cost. At each upgrade, we "unauthorize" our previous version, which makes it available to install on another PC and re-register under another owner. Most of the time, these older versions just go to the scrap heap. But, they don't have to. So, if you know of someone else upgrading, see if they want to sell you their older version.
Another note, check the PC requirements (both OS and hardware) for CS5 before purchasing. Ensure the PC you have is compatible. Otherwise, you may force yourself into another upgrade (your PC).