As a chess student which would I benefit from more to purchase? Any ideas/ recommendations? I understand that UCSF is having a sale for $89 for either Deep Fritz 12 or Deep Rybka 4. Help PLEASE?

Fritz will be more beneficial to you.  Rybka is just a chess engine.  Fritz is a full-featured package.

it depends of what are your goals to buy a chess software. if you want to learn chess, and play against the computer i recommend "Chessmaster" it haves some really good tutorials made by josh waitzkin that covers the very basics to some more advance topics. It focus on the opening, the middle, and the endgame. It haves a list of predesigned virtual players, that can play with some human tendency like go for material or be very passive.

Fritz haves some really good options, and can be use to store your games and for analysis. You can play against the computer and set the dificulty.

Rybka is an engine, that means it needs another program to run, i think you can run it with Fritz....dont know too much about rybka, only that is damn strong.

and if you like you can also install some free programs that can let you store your games, and have the power that rybka haves

see this for more information. http://blog.chess.com/ArielIgnacioDomingue/software-assistance-for-the-open-source-world

Well, I suppose im trying to pick between these two.  http://store.uscfsales.com/USCFSales/category=Search%20Results:%20%22February%20Blitz%22/exact_match=on/keywords=February%20Blitz

they both ship with the same UI and everything. So i suppose its a matter of taste and engines. It seems like Fritz is giving a better "deal" since it ships with some extra DVD's and a 1 year premium subscription to chess base. Will i be disappointed if I dont get Rybka?

For starters, the "deep" version is only important if you're a cutting-edge player or absolutely have to have the biggest toy.  Otherwise, you'll do just as well with the regular version, and you'll save $50 in the process.

There are other engines as good as Rybka (Houdini comes to mind), and for your purposes, Rybka wouldn't be any better than a dozen others that are free.  You can get SCID or SCID-vs-PC for free and download one of the free engines and not pay a dime over getting Rybka.

The advantage of Fritz is that it can be set to various playing strengths, meaning you can adjust it to give you a good game without having it massacre you in the process.  This is harder to do with Rybka.  Also, Fritz comes with instructional sets and with the free subscription.  I believe that Fritz has some built-in instruction in the form of hints, coaching, etc., but I may be thinking of another software package (possibly Shredder).

Based on what you said about yourself, Fritz (and not Deep Fritz) seems to be a no-brainer.