Can I update a student/academic edition of Photoshop if I am no longer a student? I purchased CS4 Web Premium but only want to update Photoshop. Am I allowed to use the upgrade version of Photoshop CS5?
You can upgrade a previous version of the Student/Teacher edition of Photoshop to the non-academic version of the current version of Photoshop (CS5) for the normal upgrade price. From the Student and Teacher Edition FAQ:
Can I upgrade my Adobe Student and Teacher Edition software? Adobe Student and Teacher Edition software can be upgraded to a commercial version when the user is no longer a student or teacher.
That said, Adobe does not offer an upgrade from an Adobe Creative Suite to a single point product. This has been an official policy since Adobe introduced the Creative Suite in order to offer deep discounts on Adobe products when purchasing as a Suite.