New
#11
At least for the AA license, it can be used even after graduation.
Source: Student ResourcesFree Software for Students
Whether your school department has chosen an Online (downloads-only) subscription or an Online+Media subscription, you are able to obtain free Microsoft software with a license that never expires—even after you graduate! All you have to do is:
Register the MSDNAA products you install with the provided product keys
Adhere to the license terms of the Student Use Agreement
But again, check with your school. And in any case, you still havent told us whether you are not able to actually activate/validate or you're just wondering about the possibilities. Doing a phone activation is no big deal in any case.