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Yes. It cannot be done without a special license that is available to schools only that can do the conversion.
Educational license files cannot be opened in commercial license install and commercial license files cannot be opened with an educational license install.
Since the educational (student version) of the license is only $200, and is given away for free for taking certain classes (e.g., the Intro or "Fast Track" classes as they were called in WF 1.0 & 2.0 and the Update classes), it was clearly not in PTC's interest to make models portable between the two versions. Otherwise, companies could save themselves literally thousands of dollars per seat by merely purchasing the student version as opposed to the commercial license.
(The student version comes with the basic FAP package, AAX, ISDX, MDO, BMX, and probably a few other modules -- that's at least $25,000 worth of software if you were to purchase the commercial license.)
I know some people would like to have the commercial license for doing stuff at the office and then be able to work "offline" at home using the student version and being able to transfer the data back and forth, but again, it would have driven PTC's profits into the ground. But at least FlexLM allows license sharing so that you can grab a license and stick it onto a laptop for up to 14 days. (By default the max is 5 days but there is a config option that allows the user to up it to 14.)
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