Microsoft has an equivalent with Word Online, Excel Online, etc. It works great, and you can still edit the files locally with the normal versions of the Office suite. Also, the OneDrive folder syncs automatically with your OneDrive account. However, the online version of Word doesn't support mathematical équations... which is something I use often.
I have Microsoft Office University. It includes all main Office programs (Word, Excel, PowerPoint, Publisher, Outlook and Access) and 1 TB of space on OneDrive. It lasts for 4 years and it costs $79, which is OK, considering the annual fee of $99 for the standard Office Online subscription. However, you must prove that you are currently studying in an university or an equivalent (like cégep here in Québec).