The likelihood is that if you're a student or you work in a ig institution then you will already have a SkyDrive account from your institution. By default that service gives you 7GB of storage, which isn't too shabby, but if you're a student then you'll love what Microsoft is offering today!
If you're a college student then you'll have the really nice bonus of 3GB of extra storage with your .edu email address. The way this works is that you type in your email address on this page here and then Microsoft will email you a little code which you have to make the most of before the end of the year. The 3GB of extra storage only lasts a year, but we assume they'll run the same deal next year too and yes this is limited to your .edu account and you can only use your code once.
Obviously some companies offer you more free storage, but to be honest you'll be using SkyDrive a lot at college and every little bit of extra space will help! Fingers crossed us guys in the UK will have something similar to utilise too!
Via WPCentral.