The student offer isn't supplied by Microsoft, it comes from Digital River and uses an exe to perform an in-place upgrade. It's possible to create a bootable iso from the resulting files.
http://www.sevenforums.com/tutorials/30470-make-bootable-iso-student-d-l.html
It's also possible to obtain a 64bit iso from Digital River, since an in-place upgrade won't allow 32bit to 64bit.
http://drh.img.digitalriver.com/store/mswpus/ContentTheme/pbPage.Upgrade