"You're allowed to install Office 2007 software on two computers; you must agree to download updates whenever Microsoft decides you need them; and Microsoft may verify your license key at any time to make sure that you're not using pirated software."

at http://cnet.nytimes.com/Microsoft_Office_2007_RTM/4505-3524_7-32143052-2.html

So it seems there is no bar to you installing the Student version on two computers. But I would be wary. If the laptop is not your own and you have to return it at the end of the academic year, you should uninstall the Office suite before handing it back. It's your suite, not theirs.

It may not be necessary of course as the university may have their own licensed versions.

However, if you do uninstall it, then again I see no problem installing it on the same laptop, or a different one at the start of the new year.

Others here may have better knowledge.