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In Addition to the above response, From an OpenAI perspective, in terms of use are for using all of their services in the referenced page while signing up for an account and its usage directly.
From Microsoft perspective, your use of the Azure services is governed by the terms and conditions as defined on this page. This includes the Microsoft Customer Agreement ("MCA"), or the Microsoft Online Subscription Agreement ("MOSA"). So, Azure OpenAI also has the same terms since it is offered under an Azure subscription.
Specifically for the use of AI related services, Responsible AI requires developers or app owners to disclose the use of AI services as part of the transparency notes for each of the services. So, while enabling the usage of the service by students it is important you disclose the use of AI in your application and request consent to use the service depending on solution you are offering to students.
Also, Azure OpenAI is currently not available to personal accounts so any request to use the service means it has to be requested by an account managed by an organization where domain verification is done by the gating team for further confirmation. This ensures the service is available to MS managed customers who already have an azure subscription and are bound by the customer agreements of their subscriptions.
See Azure OpenAI Service frequently asked questions for more details.
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