No doubt, Office 365 for Education plans are really attractive to Education institutions because they allow both Students and Faculties to use may of the services and elements available in the platform at no cost. However, in order to get access to all the services and components included in Office 365 it’s required to have access to Office 365 E3 Education plans as you can read in the following comparison page: http://office.microsoft.com/en-us/academic/compare-office-365-education-plans-FX103045755.aspx. As you can see in that page, you have two possible Office 365 Education plans:
Office 365 Education E1 plans, which are available for both Students and Faculties at no cost. This plan allows to access to services such Office Online (work with Office documents through the browser), Exchange Online (Mailbox service), SharePoint Online (Team Sites), Lync Online (Unified communications) and Social Networking.
Office 365 Education E3 plans, which are also available for Students and Faculties, but in this case there is a monthly charge (Note: The charge amount is not the same if you are a Student or a Faculty). In these plans, you have additional capabilities added to the E1 ones such as the full Office desktop, Office suite for mobile devices, etc.