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Never did it myself, but that's because I wanted and needed all the software for MYSELF when I was a student, so the markup was a little high if someone had wanted to buy my copy. ;)
Adobe's "educational discounts" are pretty pathetic nowadays, if you go check them. I think a qualified, genuine, real, honest, starving student could get Photoshop for $500 nowadays. Sheesh.
It's not quite that bad, but not much better. The new Photoshop CS has a retail price of around $650 and the academic version sells for about $300.
All things considered, I'm sure it's still rather tough for some students to fork over $300 for one piece of software..
You can go to ebay or yahoo auctions and buy a used and older copy for much less.
I've got 5.0 and 5.5 installers as well as 3.0, all three purchased from auction, from folks who upgraded and didn't want to trash their versions.
Right now the only version of Photoshop installed on my machine is 3.0
Why not, eh! It does everything I need it to do and being small and less frilly than later versions, it runs like the blazes!
I'm sure if I look hard enough I can still find Photoshop 2.5 lite somewhere.
It seems only Microsoft practically gives away their products to students... think I recall buying Windows 2000 Pro for something insanely cheap, like $15 or $30, while I was a student. The downside is it's truly painful to pay full retail price after you no longer qualify as a student...