I think the right to use the products (Destktop Word, Excel, PowerPoint etc.) only lasts while you are a student/employee.
From memory, MS 'checks' every so often to make sure you are still licensed. I have Office 365, which I can install on five PCs, multiple other devices, etc., through York University. However, rather than just being a bonus, they are an essential part of your ability to function, especially with so much online working at present. And who would actually volunteer to use Sharepoint or Teams unless they had to!