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In years past Server was a separate file/install, but this year it was included in our Inventor Ultimate suite executable. One of the first options gives you a choice to either Install or goto Options/Setup (dont remember the exact word) if you click Options it'll let you install Vault Server.
Not sure what the student version is like, but that was my experience with the paid version. Can't recommend Vault Server enough. It's irreplaceable for collaboration on CAD designs.
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