Hello,
If you mean being able to directly edit a 7.1 saved VI in previous version, there's not a workaround.
If you want to develop a VI in version 7.1, and run it on machines without 7.1 installed, you can build an application/exe in 7.1 (if you have the professional version you'll have it, or you'll need the application builder addon, but check your student edition, it may come with it). The client machines would need the LabVIEW Run-Time Engine, but that can be downloaded and installed from the web.
Best Regards,
JLS