I have Photoshop Elements myself. It's a few years old at this point and cost fifty bucks. It doesn't do the world's greatest job of selecting crests but it's not that bad either. You can see examples of how well it selects in my signature and in the banner.
They say that the newest version of Elements does a great job of extracting messy hair, which seems to be the standard used to judge a program's ability to select things like crests:
http://www.tipsquirrel.com/selecting-ha ... ements-11/ The online descriptions I've read of how you do it with full-price photoshop were very complicated, and this is probably the exact same process. The link has a video showing how it's done.
I tried Gimp once and it drove me crazy, mostly because it's so different from Photoshop. But Elements should be basically the same as full-price Photoshop, minus a few of the most extremely advanced functions that non-professionals usually don't need. You could always try downloading a trial version of Elements to see how you like it. It's technically not the same program as full-price Photoshop so hopefully they'll let you do it.