Different countries have different agreements so you would have to post your actual country but it would be much easier just to ask the Uni what they actually do.
Not sure about Adobe but I know with MS they continue to sell licenses for out of production Software to anyone willing to pay for them. On some CAM equipment that I support I'm still loading Dos and will be for at least another 19 years to come.
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License for obsolete software
My question is, whether someone can use Flash CS5 without buying license for it?