Microsoft gives full-time and part-time students at accredited colleges and universities 50% off Microsoft 365 Personal. In the US that is $4.99/month (regular $9.99/month); local prices vary by country.
The plan includes Word, Excel, PowerPoint, OneNote and Outlook with Microsoft Copilot (AI usage limits apply), 1 TB of OneDrive storage and Microsoft Defender security. Your files stay in your personal Microsoft account after you graduate.
The subscription renews monthly at the discounted price until you cancel. Microsoft asks you to re-verify your student status; if you are no longer eligible, the price moves to the full monthly rate.