The Perpetual student reference article from the English Wikipedia on 24-Jul-2004
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Perpetual student

Time you got around to sponsoring a child
A perpetual student, also known as professional student, is a college or university attendee who re-enrolls for several years, typically more than what is necessary to obtain a given degree. Reasons for such behavior include time constraints (inability to devote full-time to studies), indecision (changing one's major one or more times), or simply the pursuit of more than one degree. Oftentimes, there is no goal of either degree or major. This term can have either a positive or negative connotation, depending on the person and circumstances.