I needed Parallels for work and searched high and low for a legit key (I don't trust bootleg software with my work stuff). Student edition requires a student email to get the license key which then gives you all the standard features of the $80+ version BUT Apple.com seems to have made a mistake and does not verify your student .edu email. I bought this already and activated and it works perfect, nothing says student edition in the software when you activate it and all the features are there compared to my friends Parallel 12 standard edition. If you need VM software, hop on it before Apple fixes the student discount.
Also a free alternative is Virtual box, but the free virtualization is too slow for my needs. This software also converts virtual box machines so you don't have to reinstall.