Looks like this is a permissions problem. After Effects can't access the preferences file when you log into the student account. This is because the preferences file is probably stored in a folder for which the student account doesn't have read/write permissions.
What OS is this in? You probably need to install After Effects in the student account, rather than in the administrator account.
Is there anyway that I can modify the preference file to difference folder without going into the after effects software.
Because the student account application data has moved to different location on the network. So i might want to point the preference files to the correct location.
I'm using windows xp and tried to install with student account, it still not work.
Unfortunately, no. After Effects needs to access the user preferences folder for the user name who installed the application. You may experience other problems besides this error message, because there are many shared components that After Effects needs in the user library folder.
Why won't it let you install in the student account? Maybe you need to deactivate/uninstall from the admin account first.
Ask your system administrator. It's perfectly possible to use a different location for your local user account data by modifying those settings with the group policy editor or by manually changing the paths in the registry. However, these things still need to be persistent, so just pointing it to your server-based profile or whatever you may be using will not be sufficient. Indeed either the specific directory must be explicitly set to have full permissions by decoupling iot from the inheritance rules of the global permissions or, again by ways of the group policy editor, your user group outfitted with the respective permissions. Of course the simplest option would be to instate yourself as a Power User, so you have default permission to view system directories and may modify files.