They do. The current licensing for students is 13-months renewable license for 3ds Max, Maya, XSI and mudbox. Pretty sweet, but only as long as you are a student.
Actually, its as long as you have a student email, and some colleges don't delete users or graduates out of the database. but you can't use student software commercially, so its very illegal to do any freelance work or indy games that you could profit from.
Just thought I should mention that if you buy an educational licence of modo for two years you can upgrade to a full licence for $395. This way, you can get the full package for $700. Unfortunately, this option is only viable to students who have at least two years more ahead of them, but its still a darn good deal.
They look really dodgy to me. I thought if you had a student version, you could upgrade to a full commercial license for lot less than the full RRP. Have you looked in the XSI Mod Tool Pro? Its allows you to use the mod tool for commercial stuff, not sure what the license fully covers though.