Creo 2 License issue

We are on our second year of using Creo 2 and all of a sudden have a license issue and can no longer use Creo.

The error message gives the path to the license file, then (-10) Feature has expired.

below this it again lists the path then a table with 3 lines starting in CREODMA, CREO PMA, and CREOLA, an expire date of 05-jan-2015 with the text Student2 Locked to: and it gives an alpha numeric string.

I have no idea what this all means.

Does the student edition have an expiration date?

Do I need to re-install.

We recently installed Creo on 3 students computers - does this affect anything.

Really appreciate any assistance as we are dead in the water on day 4 into the build season!

Thanks in advance