If you're talking about Elements, unless they've decided to allow more features into it, the last time I used it all you could do was crop and change various Color Management things (brightness, levels, etc) and do various weird things to photos (Lens FLARE!!!).
I think the original poster should try to find a local class so they can have access to the software (especially if they have an open computer lab for students) without having to invest before you're ready to start working. In the meantime, play with the free programs GIMP (use GimPhoto with the GimPad add-on which gives it more of a Photoshop-style interface) and Inkscape. They're not nearly as "robust" as the Adobe versions but they have a lot of the same features. Remember, if you buy the student editions of Adobe you cannot legally use them for commercial work.
One of these days I need to play with CorelDraw. At least I can vaguely afford to buy that one.