ryanj91 - when you bought your copy of the student disc, did they send you a product key to you via email? That's how it has been going with nearly all the student purchases of Windows 7.
Also, there has been a TON of issues with the download link supplied for the students. Here in Austin, TX a lot of them have had trouble with it.
Go to this page:
Windows 7 ISO – Official Direct Download Links
Then download the version of Windows 7 Professional you need. The x64 version is 3.02 GB ISO image and the x86 version is about 2.30GB ISO image.
Burn the ISO image to a blank DVD using ImgBurn, it's free, and burn at 4x speed to get an accurate burn. Use the "verify" function to make sure you got a good burn and then go ahead with your install.