When you buy Microsoft Office 365 University (O365), you get the latest and greatest client apps that Microsoft has for each platform. So when you download Office for a PC (under the O365 umbrella) you get PC apps that resemble the Office 2013 versions. However, when you download Office for a Mac, again as a part of O365, you get client apps that resemble the Office for the new Mac 2016 versions. It includes the latest version of Microsoft Word, Excel, Outlook, One Note, Access*, PowerPoint and Publisher. (* = not available for the Mac)
You only have to be online to download / install the product. Once the product is installed, you do not have to be online to use any of the programs within Office. Microsoft Office 365 University is a 4-year subscription, meaning that it will last a full 4 years after installation.
It’s an awesome value covering that amount of time. One huge benefit is that during those 4-years, whenever Microsoft updates their software, you will automatically get it. No additional fees.