Adobe
UPDATE 1/12/2015: UT System negotiations with Adobe have stalled & it does not appear that new pricing will be available any time soon.
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Option 1: Purchase a Creative Cloud subscription through the Campus Computer Store at the current (generic educational) pricing - 1 year for $238.99Pros: (1) You get the latest and most up to date software, (2) Your up-front cost is lower
Option 2: Purchase a Creative Cloud subscription direct from Adobe at www.adobe.com/creativecloud/buy/students.htmlPros: (1) You get a perpetual license (2) your long-term cost is probably lower for $19.99 per month.
ArcGIS
If you plan to use ArcGIS in conjunction with a class, the best option is to ask your faculty member to go to http://www.esri.com/industries/apps/education/offers/promo/ and request free 1-year student copies of ArcGIS for all the students in the class. However, if you need to purchase an individual license, ESRI offers students a one-year educational license for ArcView and extensions for $100 (price subject to change without notice). To obtain this license, email a scan of your course schedule that includes your full name, the name of the university, the term you're enrolled for, and the number of credits you're taking to academicsales@esri.com. Include a daytime contact number and a sales rep from ESRI will contact you to complete your order.
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