Well, technically it could be a problem. You have to join AG to submit a game. Upon joining you have to agree with ToS that you are, in fact, at least 13 years old.
I, uh, actually took some time to browse through the fine print for the student version of CS4, and apparantly, you can't use the student version to create applications that are used for profit, i.e., if you want a sponsorship, you need the 'real version'.