Just found something else on MS site
(
http://www.microsoft.com/education/default.asp?id=ca3faq#19):
Q20. What happens when students graduate? Can they legally keep the software
on their personal machines?
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A. Yes. Upon graduation, students licensed under the Student Option are
granted perpetual use rights for the selected Campus Agreement products.
You will be responsible for ensuring that graduating students with perpetual
use rights receive a Student License Confirmation (Exhibit "1" to the
Subscription Enrollment) upon leaving the institution. Your institution must
have a Student Option agreement in place at the time of the student
graduates in order to distribute the Student License Confirmation.
Example: A university enters into a Campus Agreement on August 1, 2001. It
signs up for the Student Option and orders Office CDs for students. In
January 2002, 100 students graduate. These students are legally licensed to
keep the software on their personal machines when they graduate. If the
university decides not to renew its Campus Agreement Student Option on
August 1, 2002, all remaining students must remove the software from their
machines at the institution's liability. If the university has not renewed
the Agreement and students graduate after August 1, 2002, they do not
legally own the software license(s) and must remove it from their machines.
So, if I'm understanding this correctly, if the university still has the
campus agreement with MS when the student graduates, the student can keep
the software. But if the university fails to renew the agreement, everybody
on campus must remove the software from their computers, but I think people
who have already graduated before that are still okay. It makes sense since
technically the students usually do pay for the software through their
"computer and technology" fee (or whatever any given university chooses to
call it). On the other hand, I'm not sure where you get a "Student License
Confirmation"?