Anybody who represents the university (or other academic institution) can obtain an academic license by signing up for a subscription and agreeing to the EULA. That can include professors or administrators. Then they can install UE4 on any of the university’s computers for academic uses.
However, the academic license can’t be used to release a commercial product. If you and the other students in your development club want to release a commercial game together, each of you will need a license.