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It depends on how you purchased your CS3 Design Premium.
If you purchased a Adobe Student Licensing version through your college bookstore, your license is tied to your college's volume license. When you graduate you can purchase an upgrade. Check out the program here:
If you purchased an Education boxed product, there are no limits on how you use the software. There used to be a limit on some of the Macromedia products regarding their use for commercial purposes, but not with Adobe products and not with the CS3 products.
Actually, I read that there was no "upgrade fee" to commercial use. You just can go ahead and use it for profit because the user agreement on CS3 Edu has no restrictions on its use. You only have to demonstrate (if asked by Adobe I suppose) proof that you were a student or educational staff at an institution that meets Adobe's criteria when you purchased it.
See this link to a another thread http://www.adobeforums.com/webx/.3c05ab21
I cannot say, however, if you need to have purchased the CS3 Edu software at the same school you were registered at. I have asked on another thread but haven't gotten a response.