Other cool thing- you can usually get free or super cheap versions of software. Granted most of what I have experience with is probably stuff you wouldn't use, but...
Examples:
QNX Neutrino RTOS and dev environment (useful for embedded stuff)
ModelSim HDL environment and simulator (for VHDL and Verilog)
Microsoft Student (Office for $99, Visual Studio Pro for free- unless your school has MSDN Academic Alliance, in which case you get a lot more free stuff)
Plus many hardware manufacturers offer significantly reduced prices for students. I needed a JTAG programmer one time and it was around $500... or if you're a student, $60.
Bottom line is, manufacturers and software companies want you to learn their stuff so when you're eventually at a company and need to make a recommendation on a purchase, you can be like "Oh yeah, I am totally familiar with Xilinx FPGAs and ModelSim, we should buy a lot of (licenses for) those!"
For the record though, Adobe student licensing offers steep discounts but on already god-awfully expensive software. CS 6 Master collection is discounted almost 70%! Yeah, because it's $2600 normally. Don't pay $800.