Locally, MMU student already enjoyed similar kind of privilege since few years back through their Microsoft lab. Students fill up a form, ask for lecturer's approval and then pass back to the lab. Then the lab will give you the software. Many2 softwares are available I believe.

bhead: Yeah, try contacting Microsoft about it. Which college you are from? There might some Microsoft students ambassador at your college. You can approach that person also.

latios: There's still the free XNA Xpress. You can build and run games for Windows but to deploy it on 360, that's where the USD 99 annual fee for XNA Creators Club comes.