Microsoft will offer an academic edition for Office 2011. The Academic edition of Office 2011 is available only to higher education students and contains one activation. It is equivalent to the Home & Business edition (contains Outlook with Exchange support) but is not available to the general public. Students must purchase their copy through qualified educational channels.

Academic Edition full packaged product (FPP) can be acquired from many software retailers, campus bookstores, and other Authorized Education Resellers (AER) . Most teachers, faculty, staff, and students of education institutions are eligible. Your AER will verify your eligibility.
[Additional info added after posting]
Discounts are only available for currently enrolled higher education (accredited universities and vocational schools) students and educators.
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The Academic version includes all four suite applications for a discounted price with a limited academic license. Office 2011 for Mac is available to
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