Hi JFrohburg,
Thank you for posting in this community.
As you mentioned you are using MS Office 365 (Outlook, Word etc.) with a university license. So, I would recommend you try the following methods.
1.Remove Office license files using the license removal tool, then open any Office app and try to activate.
2.Please make sure your Office apps are up to date(16.42). And you may refer to this article: Update history for Office for Mac
If your issue persists, could you please share the following for further help?
1.Could you please share a full screenshot of the error message?
2.May I know if you can see “**The latest desktop version of Office”**on the Subscription page? (Sign into the Microsoft Portal, go to My Account page and select the Subscriptions)
Best Regards,
May