Account deactivation/reactivation or reassignment of a new type of license may cause corrupt license issues. Switching between a personal license and one from the University can also result in a license issue on macOS.
With an Office application open, click on the app name from the menu bar, then click About application name.
For example, if you have Word open, click on Word in the menu bar next to the Apple icon, and click on About Word.
Confirm what type of license is connected.
This would be either Microsoft 365 Subscription, Microsoft Office 2021 LTSC Volume License, or older volume licenses.
Close any open office applications.