Best alternatives to Microsoft Office, given the price hike?

I’ve noticed that Microsoft 365 subscription costs are going up soon, and I’m wondering if it’s time to switch to a cheaper or even free alternative. I mostly use Word and Excel, so I’m looking for something with decent compatibility. I’ve heard of WPS Office, OnlyOffice, and LibreOffice, but I’m not sure which is best for someone who’s used to Microsoft’s interface.

Some friends say WPS Office is a solid middle ground because it feels a lot like MS Office and handles .docx/.xlsx without too many formatting issues. Meanwhile, LibreOffice has that open-source appeal, but its UI might be less familiar. I’m also curious if there’s a legit way to keep Microsoft Office without paying full price; like a student discount or older license. Any advice or firsthand experiences would be great.

Salamat!