Office 365 University, targeted to students, will cost $79.99 for any four-year subscription, with the ability for just one user to install the software on two office professional plus 2013 or Macs.

What happens if people allow the subscriptions expire? Office 365 will shift to a reduced functionality mode which will let users view or print documents but not create or edit. They are able to, however, still use Office Web Apps for basic editing, and microsoft office 2016 says they'll retain access to files.

The company will even still sell a traditional version, Office Home Student, for any one-time-licensing fee of $139.99, with the ability to install word, Excel, PowerPoint and Onenote on a single PC. Office Home Business 2013 will sell for $219.99, and Office Professional 2013 will cost $399.99, with extra programs including Microsoft Publisher and Access.

An upgraded version of Office 365 for businesses will launch Feb. 27.

Here's a gallery of images from cheap project 2013 professional showing some of the new features in the updated Office applications.