Microsoft 365 is Microsoft's collection of professional productivity tools, available to use online and (in some cases) to download and install. Your UB affiliation determines which apps are available to you.
Retirees and alumni can enjoy Microsoft 365-powered UBmail (Exchange Online), but will not have access to the other available apps.
Any FERPA non-release requests you have in place will be reflected in Microsoft 365. See FERPA for more information.
No. Your personal account will retain access to paid services.