Office 365 Education is now available free to students and teachers at schools that have licensed Office institution-wide for their faculty and staff.
The plan allows the installation of Word, Excel, PowerPoint, Outlook, OneNote, Publisher, and Access on up to 5 PCs or Macs, and the Office apps on other mobile devices.
It also includes 1TB of OneDrive storage and rights to Office Online.
See the Microsoft announcement confirming availability from 23 Feb 2015 here: http://bit.ly/1wQvxmg, and details on eligibility here: http://bit.ly/1M4JLJ5.