If you don't, you might want to ring up your alma mater for an alumni account. Why?
Because Microsoft is (again) selling a 91 percent student discount on Office Ultimate 2007.
Officially, you're supposed to be enrolled for at least 0.5 credits at an institution of higher learning, and able to provide proof if asked. But a discount's a discount, so I'm sure you'll find a way to avoid ponying up $680 at the store. (Perhaps tell junior it's in his best interest.) Make sure you pay for an install disc, too.
They call it the "ultimate steal." We'd be inclined to agree.
(Alternative: Check to see if your company has partnered with Microsoft or offers the Employee "Home Use Program." If it does, you may have access to Office for about $20.)