Last year, Microsoft offered "The Ultimate Steal" for college students -- Microsoft Office 2007 Ultimate -- for only $59.95.
It was supposed to be only for a limited time and did end back in March. But evidently it was a success, since Microsoft is making the same offer this year. If you go to the Ultimate Steal website, you can sign up for the offer.
Like last year, this is only for students with a .edu address, and you may have to provide proof that you're attending classes. But it is a big savings (a quick check shows this package can cost over $350).