Direct from their site:
What is the difference between LASS Lite and LASS (Full)?While LASS Lite offers you full section patches, it does not contain the divisi ensemble patches or the first chair. Nor does it include the ARC (Audiobro Remote Control) which is a LASS Full 2.0 feature only. However, the patches included in LASS Lite work exactly the same way as the same patches in the full version of LASS (minus the ARC)… there is no difference in the patch functionality. You still get the great ART script and Auto Arranger script and every other script that comes with the full version of LASS… just not the divisi or first chair patches.
LASS Lite will not have the flexibility of LASS (full) insofar as being able to layer the different divisi sections and manipulate them discretely. However, LASS Lite gives you the famous LASS legato sound and short articulations that have set new standards in sampled strings.
I don't think you can get LASS 1 anymore, and I don't think they give you a student discount.
May i suggest you look into
Hollywood Strings, as it seems better value for money. You get almost all articulations, and it genuinely has a better sound than LASS in my opinion. It's slightly more than Lite, but considering LASS Lite has legato and short sounds, ie pizz, staccato.