Yes, and if you buy the non-edu upgrades, it will upgrade your license from Educational, to full.
Then you can make money with what you create, legally.
I am in the same boat, bought the Design Collection around February and am happy to see that before the end of the year Indesign, Illustrator, and Photoshop may be updated.
Specialy if that means nice speed ups in OS X.
I hear classic is being dropped in Photoshop 8, so that should mean better OS X optimization.
-Owl