Yes, you heard me right, $75 Australian (that's about $60 US).
Go to http://itsnotcheating.com.au/ for more information and to buy.
You need to have a University email address to do it, so not just anyone can do it. It is a legitimate offer, and makes sense when you think about it. Microsoft is getting uni students to use their software as their preferred software for cheap, so that once they get out into the work force they'll continue to use it.