when is the engine going to be released for public use? i am a student of game design and wish to use this as my main design component

Well you can go ahead and buy a copy of it right now...

http://mycryengine.com/

? Educational License
The CryENGINE? 3 Educational License is available to educators wanting to ensure that their students gain experience with the state-of-the-art in game development and real-time 3D technology. For courses and research projects in game development, 3D graphics, simulation, architecture, animation, film and design, CryENGINE? 3 is the most up-to-date technology available and is now FREE.

If you are a student, you can get an educational license.

i appreciate your help

well ill try to see if i can convince the class to be able to license this since it is not given to individuals

What school are you attending? Pure curiosity.

academy of art

Try to contact your faculty leader, or somebody who manages the software department. Or I would ask your tutor, considering they're going to teach you to use it most.