Rob
Ansys Employee

If you have other nonStudent Ansys products installed then it's possibly an issue with the licence manager(s). Student and "normal" managers have a tendency to try and overwrite each other. By installing Student LS-Dyna you may just have overwritten the "other" manager. 

I would be very surprised if there was a problem with the Student bundle LS-Dyna as we'd have seen many more questions.