The University has a site licence for Matlab, until at least Sept. 2013. The initial announcement said:
The software licence will be made available free of charge for use by current members of the University of Cambridge and its Colleges on institutionally owned/leased and insured machines (with DVD Media priced separately if required). The agreement does also cover staff and PhD use on personal machines for non-commercial University use only, but does not however include licensing for installation on student personal machines, or for the use of cluster calculations, for which a separate licence must be purchased directly from The Mathworks should this capability be required (if you do not already have one).
Undergraduate licence update - Oct, 2012: The University does have an undergraduate licence (716638) at the moment, which includes licensing for installation on student machines. Students will be asked to set up an account with Mathworks in order to gain access to the software. The Activation key you will need is: 10884-75670-89882-74755-93206.
Thanks for the Department of Physics (CAT) for hosting the Installation Media.