If that is the case you will now have 2 accounts using the same email. When you log in, if you choose a Personal account you will access the account you set up. If you choose the Work or School account you will access your school/university account. They are independent of each other and can’t be merged into one account. You may also have accounts from other colleges or universities. All accounts are separate and you can have multiple accounts.
We would suggest to use only one account on one device to ensure smooth functioning of Office 365