"I think there are plenty of capable alternatives to Photoshop, and Premiere - not so sure about After Effects."
Yes, but the real world uses Adobe products so students wind up learning on software that very paying companies use.
I have to pay for my own Adobe licenses and it's good value for a reasonable amount of outlay. Lightroom and Photoshop are $10/month on an annual license. I spent way more than that on beer and crisps every week at Uni. I use Final Cut for video since I learned with but I might start using Premiere/After Effects and have to get a bigger license bundle. It's no different than books and lab fees when at school. I don't see why the school has to pay for it. When it comes to something such as Solidworks where the annual license is dearer than a second hand car........