When Microsoft announced its new cloud-based subscription Office 365 package this summer, maybe America's students were feeling a little left out. Sure, you could grab the Home Premium version, but what about a deal for the up-and-comers and the folks who dedicate their lives to teaching them? Today, Microsoft revealed plans for a reduced-price University edition of the online Office suite.

If you're eligible -- we'll get to that in a second -- buying a copy of Office University 2010 or Office University for Mac 2011 will score you a free subscription to Office 365 University when it launches. Not too shabby.

Back in July, Microsoft revealed the new Office 365, a subscription-based service that streams Word, PowerPoint, Excel, Outlook, OneNote, Access, and Publisher right to your computer. The subscription price -- $99 a year for Home Premium -- unlocks access to the Office 365 suite for up to five home computers. 

Office 365 University, however, only allows access from two computers. But the price is an incredibly appealing $79.99 for a four-year subscription. Moreover, Office 365 will work on with a PC or a Mac. If you're spending more time on pizza than homework, don't worry -- you can re-up the subscription for another four years. 

Beyond the licenses and cost, the features of Office 365 University appear to be the same as the non-student package. You'll get synced access to OneNote, and additional 20GB of SkyDrive storage, and 60 minutes of free Skype minutes per month.

While this all sounds like an amazing deal, it's not for everyone. You'll need to be a full-time or part-time student, faculty, or staff at an accredited higher-education institution to be eligible. Keep in mind, the eligibility verification takes place after you buy Office 365 University.

But you know what we really want to hear about? Office for Mac 2013 and Office for iOS. Sadly, it doesn't appear to be in the cards right now.

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