there’s various versions of office365 licensing for academic organizations. i believe office365 A4 licensing includes the most features.

for schools that just want to use basic email there is the exchange online plan 1 which is typically free for students & faculty/staff. the SKU is EXCHANGESTANDARD_STUDENT. features included with this plan are email, calendar, antivirus/antispam, personal archive.

differences between plans:
http://www.dummies.com/how-to/content/cloud-productivity-with-microsoft-office-365.html

list of SKUs:
http://blogs.technet.com/b/educloud/archive/2012/08/07/license-assignment-for-education-customers.aspx

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