Hi Lumbabumba,
You can install it on any computer you personally own and you can use it for any educational purposes. your fellow student can get a copy of the engine and install it on any computer they personally own and do the same. However, we recently released the engine for academic use for free! Contact your professors at school to have them fill out this form: Erlernen Sie den Einsatz der Unreal Engine, der leistungsstarken Echtzeit-3D-Entwicklungsplattform - Unreal Engine to get students at your school a free copy of UE4. Note: To get the free license your educator must be the individual who fills out this form, we encourage all students to talk to their professors about this opportunity!