Upgrade Path to Final Cut Pro X  from Final Cut Studio 3.0 (FCP 7)

Hello List,
We have 36 educational licenses of complete Final Cut Studio 3.0 (Final Cut Pro 7 with its components) since Apple have gone to the new version, can we upgrade this software from FCP 7 to FCP X? for our collage? or there is NO update path and we need to purchase FCP X a fresh? will FCP 7 work with Lion OS 10.7.X? lastly is there any educational discount for FCP X?
any help with above is appricated.
Best
P

Thanks Tom,
Will the DVD Studio Pro will work with the new FCP X? if no, then which is the software the can replace the  DVD-Studio Pro.
Thanks in Advance.
Pramod.

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