Yes. Homeschoolers are allowed to buy the LabVIEW Student edition. (Good idea, by the way. )
From the Acedemic Superstore website you can get the LVSE for $80 as long as you can provide one of the following:
Membership in Home School Association
Receipt for Home School Curriculum
Letter of intent to home school from a state agency
The only reason I knew how to get this info so quickly is that I was looking to get LVSE for myself. Hey, I consider myself a life-long student, but alas I don't meet any requirements to get LVSE.