FAQ with info regarding student licenses is at: https://www.mathworks.com/store/link/faq
For how long can I use student software?
You can use student software indefinitely. After you graduate you may need to purchase a professional license.
Can I update my student software?
Yes, you can update student software by subscribing to MathWorks Software Maintenance Service. Your purchase of a student software license includes a one year subscription of MathWorks Software Maintenance Service.
How do I renew MathWorks Software Maintenance Service for my student software?
Please log in to your MathWorks account and select your license to renew the MathWorks Software Maintenance Service.