Sorry for the delay.
The license is perpetual - it never expires. You get new versions of software while your Upgrade Plan is active, but if it lapses you could continue to run the versions already provided.
Your Upgrade Plan is priced at a discount for EDU status, but at some point if you no longer qualify then you should be able to renew/upgrade that at non-EDU pricing. I believe we are working to provide this option directly in
my.avid.com but will escalate this to product management to verify.