Now if you have a student using a non Google for Education account, then Google will store and use their data for ad targeting after they turn 18. Also if they lie about their age when they create their account (which is very likely, especially because Google doesn't allow you to create an account with age less than 13) then this will kick in sooner. In addition even though ad personalization is off for under 18 and advertisers are not supposed to target them by other means, they can and do by targetting search terms, youtube categories etc that under 18s are frequently interested in.
(FWIW Google never really "sells" your data. That would loose their monopoly on their most valued asset. It's more like they rent it out, but allowing advertisers to target you. The advertisers never actually get to see "person X has attribute ABC", more like the advertiser says "target people with ABC" and they trust google to show it people like that.)