If you have installed Office 365 applications on your own devices using your University account, once your University account has been disabled/deleted, your Office 365 applications will be unlicensed on your devices after 30 days. You will need to purchase a license or subscription directly from Microsoft to continue to use the programs on your devices, or you can uninstall them at that time. 
Your University OneDrive and its contents will be deleted, however, any documents you have created and saved locally will still be accessible and can be opened in other programs capable of opening those file types.