Good news: ESRI has expanded their licensing policy. Now student copies of ArcGIS will have ArcEditor-level functionality, with extensions. The previous version was ArcView only, without extensions.
So if you have installed ArcGIS on your computer with DVDs that Dr. Wernke provided to you, you can now get new ones with this better functionality.
To get your installation discs, please contact Jacob Thornton, the Vanderbilt GIS Coordinator, here.