We'd need to cancel your existing plan and then you could sign up for the Student Plan - the cancellation fee would not apply as you're taking out a new plan.
Let me know if you want me to cancel the Illustrator plan.
Yes, please, thanks so much! Should I wait for a cancellation notification, or should I just sign in now and sign up for the plan?
As mentioned correctly by Bev, you need to cancel the previous plan and then place a new order. So to follow this process you may contact the Customer/Chat Support:
Okay, thank you for letting me know! I'll do that now.