Here's the deal with the upgrade, as I understand it:
The live 8 EDU upgrade price is the same price as the full version upgrade price, but the EDU version has always been priced lower than the full version, so, in essence, you are still paying less overall as a student than a non-student, even if the dollar amount for the EDU upgrade is the same as the dollar amount full version upgrade.
For example:
(the price I'm stating for Live 7 is just an example, I don't know what the EDU version of 7 really cost)
Live 7 EDU + Live 8 upgrade:
300 + 189 = $489
Live 7 Full + Live 8 upgrade:
500 + 189 = $689
So, technically, you're still paying less than full (non-EDU) users.
Personally, I also wish that the EDU upgrade price was lower, but when you consider the amount of tech support that has happen every time a new version goes out, and then you consider that with Live you get free tech support (try getting that from cubase or doh'tools), the current price is understandable...although Ableton hasn't really done much to explain it (sorry, but not everyone has the level of immediate analysis that Germans do

).
Also, with the volume of customer service going on right now, on top of the overall bugginess of the first version of any software, it's better just to wait. Live's EDU upgrade price was below $80 for the last half to third of last year - customer service isn't busy as hell, and the software is actually reliable by that point.
Summary: Just wait.