Is a IEEE student member counted as a member in a submission to a transaction?
I have published in the IEEE and "Student Member, IEEE, " is what you should write after your name (if you care to), because you're not a full member. Note that it doesn't have any benefits to it — you don't get a discount/additional copies/favorable review/faster review/muffins/... nada. It is exactly the same as if you had listed nothing at all. 

Perhaps the only advantage might be for senior members, who want visibility (as a member) in order to be elected a Fellow, and for Fellows, if they want to show off (but by that point, you probably don't care).