What it is : 

• Microsoft offers a data egress waiver for customers who have an enrollment in Education Solutions (EES) agreement.
• Cornell has such an agreement and all campus customers who have an Azure subscription under the Cornell campus Enterprise Agreement automatically receive this benefit.
• Customers using Azure Zone 1 and 2 data centers qualify for the offer.
  • The list of Azure Zones to geographic regions can be found in the FAQ section here: https://azure.microsoft.com/en-us/pricing/details/virtual-network/

What is the benefit : 

• Internet egress charges are waived for up to 15% of the campus's total monthly Azure consumption bill. 
• NOTE: Any applicable ExpressRoute charges do not qualify for the waiver.

The official announcement for the "Azure Internet egress fee waiver for the academic community" can be found at the azure.microsoft.com blog post below.

Any updates will be posted directly there from the Product/Business group.

https://azure.microsoft.com/en-us/blog/azure-egress-fee-waiver-for-the-academic-community/

The blog below is an announcement of the waiver :

https://blogs.msdn.microsoft.com/azureedu/2016/05/03/azure-internet-egress-wavier-for-academic-customers/