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The added storage will bump your total SkyDrive to 10GB of free storage which you can access on your Windows, Mac or Chrome OS computer or through your iPhone, Android or Windows Phone smartphone. Pricing for extra storage is aggressive too, with additional storage of 20GB for $10, 50GB for $25 or 100GB for $50 per year.
SkyDrive even allows you to create and manage your Microsoft Office Web Applications, OneNote and does a great job managing your photos with its recent update.
If you want to take advantage of the 3GB of free storage, head over to www.skydriveforstudents.com, enter your school email address and follow the instructions to redeem the special code. The code must be used by December 31, 2013, is valid for one year from redemption and is only valid in the US.
source - Microsoft | WPCentral