You have to buy a new student version seat. Student versions are not eligible for free upgrades.
Edit.... And assuming you are still in school talk to your instructor like Professor Mather suggests.
Check with your instructor to see if the school has free student licenses.
(If the school is on subscription - they should have one free student license for every lab seat license.)
Can I use my same ID?
Which ID are you referring to?
Username and Password that you used to Activate you previous license?
Your instructor should provide you with the new SDK or SEK ID and new Serial Number.
Use the same Username and Password that you used last time (or to log into this forum) when Activating your license after install.
(I recommend running for a couple of weeks to make sure that all is installed correctly before Activating the license.)