Hello,
Can you attach a screenshot of the error message you receive? You could try to unintall your 7.0 student addition, and then install 7.1, but in general there is no problem having multiple versions of LabVIEW (such as 7.0 and 7.1 in your case) on the same machine. In the very worst case, I think uninstalling your current NI software and then installing 7.1 should work, but I haven't had problems with multiple versions on the same machine (although perhaps there is a quirk with the student edition, but that is pure speculation at this point).
I hope you're able to get 7.1 installed soon!
Best Regards,
JLS