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I think the difference is that with the student edition you only get word and excel and outlook and powerpoint; with the professional you get everything including access and publisher and onenote and communicator etc.
if you are a student or are a parent or guardian you can buy one copy of office professional for each eligible student from software4students.co.uk at a cost of only £45.
I have recently done this as I have 3 student daughters (!) as well as got Win 7 ultimate. The software is genuine, comes on a disk with the key and it activates OK with Microsoft online (I was a bit leery about it initially). Be aware, though, that office 2007 produces files such as .docx and .xlsx which others with office 2003 can't read unless they get a download from MS.
If you are working for a government dept/school teacher etc you may qualify for the Home user program. I work within local gov and purchased 2003 when it came out and 2007 enterprise editions for the grand sum of £13.81!!!!!! Worth checking out