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Microsoft Project is available in several different versions:
Project Online Essentials (available at no additional cost to most faculty and staff)
Project Online Essentials is being merged into Microsoft Planner.
A comparison of the various Project offerings and their capabilities is available at https://www.microsoft.com/en-us/microsoft-365/planner/microsoft-planner-plans-and-pricing.
At present, Project Plan 1 is not available for higher education institutions.
The Microsoft 365 team has partnered with Technology Resources (Technology Resources | TRECS) for acquisition of premium M365 service offerings:
For current pricing for Project and other premium M365 services, please visit https://utexas.sharepoint.com/sites/TechnologyResources/SitePages/M365-App.aspx.
To initiate a purchase or manage an existing license, please contact M365-Purchasing@utexas.edu.
Project is a project management, task tracking, and collaboration tool.