Epic offers unreal 4 for free to students through github. 0 monthly fee and standard 5% if students publish their work.
LInk
https://www.unrealengine.com/blog/unreal-engine-4-free-for-students-through-github https://www.unrealengine.com/blog/unreal-engine-4-free-for-students-through-github

Smart move from Epic. Once the students are gruadated or such, the dedicated ones are probably so accustomed to it and will stick to the engine (probably for a long time too).