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If you have an active Creative Cloud membership, you may activate it on 2 machines, however, you cannot use both of them at the same time. You may check point 1:1: http://wwwimages.adobe.com/content/dam/Adobe/en/legal/servicetou/Software_Terms-en_US-2015 0407_2200.pdf
You don't have to pay for second machine. Here is the link to download Creative Cloud: https://helpx.adobe.com/creative-cloud/help/install-apps.html
Let us know if you need further assistance with this.
Thank you for your reply
I do believe I have an active Creative Cloud student membership
I reinstalled the app on my new laptop and saw that next to the Photoshop option it said "TRY" instead of "INSTALL"
how come is says "TRY" if I already purchased it in my student membership?
Thank you again