Hi Jwshipm,
The best option for this is to give full read and write permission to the student account on the following folders.
1) C:\Program Files (x86)\Common Files\Adobe\SLCache
2) C:\ProgramData\Adobe\SLStore
The reason to give full permission to the above folders are so that the product can easily access the Activation information. Please do let us know if this works for you or if you require any further information .
Cheers,
Kartikay Sharma