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Check whether you configured a Student License or College/University Free License, if you don't know whether you created a student license or College License open creo parametric again and check the error message, in the license file path you will find either Student or K12 Student.The above mentioned License file name indicates you are using a Student Standard edition of Creo Parametric.Now you can reconfigure your licnese by running reconfigure.exe from C:\Program Files\PTC\Creo 3.0\M#\Parametric\bin where M# represents the build code or release of your software.Now click on Reconfigure existing software and click Next.Now browse for your installation folder downloaded from PTC website, in the folder you will find setup.exe ,setup student.exe and setup-trial.exe open setup.exe by double clicking it.In most of the case you will not find the reconfigure.exe file in the directory, so you are unable find the file go to step 4 In the Simple License Entry product code field, enter the product code BK400407EDSTUDENTUNICL for University Student or BE400407EDSTUDENTEDK12 for Standard Student License for Creo 3.0, BE410708EDSTUDENTEDK12 for Creo 4.0, BE500806EDSTUDENTEDK12 for Creo 5.0 and then click Install Licensing.

In the next step it asks for your email and password.Type your email and password of PTC account and click login

You will see a success message after successfully login into your account and then click on Finish, Next and Install the products again from the Window and click on Finish.