If i graduate High school in June 2016 and i prepaid for one year with the student discount, will my account be cancelled after i graduate or will it last the entire year i paid for it.
It will be good for the duration of the subscription term you agreed to and the end of school will not affect it.
Here are the terms:
Eligible students 13 and older and teachers can purchase an annual membership to Adobe® Creative Cloud™ for a reduced price of $19.99/month for the first year. After the first year we will renew your contract automatically for another year at the then-current standard monthly price (currently at $29.99/month), unless you cancel. This pricing is valid for purchases of an annual plan, which requires a 12-month contract. This pricing is available for first time membership only and limited to eligible education customers who purchase directly from the Adobe Store or by calling Adobe Sales.
Once you are no longer a student, your subscription will renew at the standard price (which is currently $49.99/month).
If you are an eligible student at renewal time, you will renew at the student renewal price, otherwise you will renew at the standard price unless you cancel.