Comment Unreal Engine (Score 4, Informative) 67
I think it's important to remember that the Unreal Engine has been free for educational use for a very long time. No doubt that there will be a similar number of restrictions on the CryEngine, mostly along the lines of not being able to reuse any code or assets for any future release.
I imagine, however, that the unreal engine is probably a lot more useful to students as it is used in a much larger number of games or varying genres.