It looks like a full version of Lightroom, but I'd skip that deal personally because it's not a great tablet. The Student/Teacher version is exactly the same as the "regular" version. You just pay less with student pricing.
If you want a graphics tablet go Wacom. You buy Adobe because it's the standard for software, Wacom is the standard for tablets for a reason. Wacom also includes a download key with many of their tablets that lets you get software. You have a choice in what to download for your bundle and one of them is a full, non-trial version, of PS Elements. There are also often bundles that give you LR free with a Wacom tablet and you'll see a lot of those as we get close to time for school to start.