I blogged about this earlier today, but here's the more detailed explanation:
The Microsoft DreamSpark student program (http://channel8.msdn.com) makes available, at no charge, a broad range of development and design software for download. The program is now available to more than 35 million college students in Belgium, China, Finland, France, Germany, Spain, Sweden, Switzerland, the U.K. and the U.S. Broad global coverage, as well as an expansion of the program to high school students around the world, potentially reaching up to 1 billion students worldwide, will continue throughout the next year.
This program will allow free access to several commercial products, including Visual Studio 2005/2008 Professional and an academic subscription to the XNA Creators Club.
In the next six months, the company expects to expand Microsoft DreamSpark to college students in Australia, Czech Republic, Estonia, Japan, Lithuania, Latvia, Slovakia and many more countries in the Americas, Asia and Europe, as well as to high school students by the third quarter of 2008.
if you want more information about DreamSpark (which includes free XNA Creators Club subscriptions for students), go here.