Licensing terms can be complex. Reading through the MICROSOFT SOFTWARE LICENSE AGREEMENT, I realise that I actually never read these..

This particular license agreement would not cover schools. There is a different licensing agreement for schools available: Microsoft School Enrollment licensing. This would cover multiple uses of the software.

According to the provided license agreement you can only use one copy on one device. The Microsoft School Enrollment licensing has options for multiple devices. The license agreement does not give you the right to change the format of the product. The sharing of the product is also prohibited. You do not own the product.  The company only supplies you with a license. You can use the product for a trial period. If you choose not to purchase the product it will stop working.

References

Microsoft software license agreement. (2013). Retrieved from https://interact2.csu.edu.au/bbcswebdav/pid-2636381-dt-content-rid-4861340_1/courses/S-ETL503_201930_W_D/S-ETL503_201930_W_D_ImportedContent_20190109053749/PDF%20Files/Word_2013_English_73cd4bd0-863a-42d4-8da1-7ed333aaa640.pdf

Microsoft Licensing Guide School Enrollment. (2017). Retrieved from file:///C:/Users/User/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/School_Enrollment_Licensing_Guide%20(1).pdf