Forgot to add - 3rd edition, not 4th:)
>What the players will get out of it?
Mostly legality, or a semblance thereof (Also as a stepping stone and contact-making
frenzy) and a few additional skills.
ID's and things are WELL taken care of (Very established team) and from hazy memory, the use of forged credsticks in legit circumstances adds to the data-trail authenticity. I really can't see a University with level 8-10 credstick readers.
Frankly, the mage is unlikely to learn additional skills (But, hmm, they could "purchase the edge "College Educated"

) but the socially-adept sammy (In that he rolls etiquette
before shooting) has realised that additional skills, etc, are NOT to be sneezed that. Oh yes. And college girls. ("I'll get older....and they stay the same age...)
Yes, I thought engineering, more B/R skills (Technical school as well, he can live off his earnings for a while) Metallurgy, Armour (& B/R) electronics, programming, micro systems...all that stuff. Although he's figured out that hitting a firm for their latest prototype might also be an option - I floated the idea of exploiting a Tir Paladin team or one of Countess Snowdonia's Cyber Knights (for easy examples) and the rest of the group chanted "Total Party Kill! Total Party Kill! Total Party Kill!" and he sobered up pretty fast. The GM is your friend.
All in all, they DO need a cover and they're young enough to pass without comment in uni circles (After some social adjustment..."What do you mean...I'm UNARMED?! Not even the Ares Alpha loaded with AV rounds and WP in the Launcher?! I take that to see my mother! Next you'll tell me I can't wear armour...")
I'll also be using some of this as adventure hook land. Extractions on promising students (The mage would be ideal, but she would leave a fairly-large crater), backdoor shenanigans, Kegs, Frat Parties, industrial espionage, grade-farming and faculty politics...and that's even before the exam season when they're needed to visit the Carib on "business".
And if/when they graduate, you can just see the player's faces when a nice, shiny Aztechnology representative comes in with a "seductive" sales pitch and try and evade "Forced Induction" from unknown parties later at night...or that of their contacts/friends....
MUHAHAHAHAHAHAHAAaaaa...sorry.
Tir.