Does Microsoft offer developer license for professionals and students? Is there a special student program?
If you're simply interested in developing using the emulator, there is no license fee to pay. Just download the tools and go to town.
Scott Guthrie actually has a good write-up of all the tools you'll need to download (for free) and how to get started:
Windows Phone 7 Developer Tools Released - ScottGu's Blog
Registering for the Marketplace to sell your apps is another story. You will have to pay a $99 fee to create your account there unless you are a student participating in Microsoft's DreamSpark program (in which case the registration is free there as well).
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