Basically -- you can't remove it -- at least, not in any permanent way.
When Home & Student came out, there were lots of threads on the net about how to remove that wording -- but in all cases, they either "broke" Office so it wouldn't work anymore, or the removal only took until you rebooted -- and then it was back.
The end result was that the only real way to remove the wording was to purchase a different version of Office.