Replace Office 365 license on Mac

I purchased Office 365 University and installed it on my MacBook Pro.

Later, my college sent me a link to download a copy of Office for Mac 2011. 

I would like to replace my current MacBook installation of Office with the one provided by my college. If possible, I would like to substitute this license for the current license (from Office 365 University) but leave program files in place.

Is this possible? Will I regain use of the Office 365 license that is now "taken" by the installation on my MacBook?

Thanks, in advance, for any guidance.