I can't for the life of me imagine why they should.
Students are students by choice, and I don't see why people seem to expect that simply because they are studying something they should be entitled to get freebies. When I was a student (millions of years ago), I didn't get anything for nothing. I still managed to stumble through university (working part-time to generate a bit of cash) and get a reasonable degree at the end of it all.
Thats my little rant over with, and I don't expect to be deafened with cries of 'hear, hear' but there's a serious point in it. If I was the Microsoft director responsible for such things I might take the view that students would benefit from a temporary free licence - along the lines mentioned by Q-Bie. That makes sense, and will help students during their study course.
At the end of it though, they are part of the working population, just like the rest of us (or they should be), and there's no reason they should continue to benefit from the priviledge. Let them pay for their software like the rest of us.