Hi there,
You can use RM Unify Group Sync which takes MIS groups and provisions them into O365 as O365 Groups. The only O365 security groups we create are those from RM Unify based off the Roles such as Student, Teaching Staff etc. Check out this article for more info: https://support.rm.com/technicalarticle.asp?cref=tec5285553
You may also find this article helpful as it describes how to add the Microsoft Office 365 ProPlus for Student (Student Advantage) licence to multiple users https://rmi.rmplc.net/Support/TechnicalArticle.asp?cref=TEC4098866
Finally this Microsoft article https://gallery.technet.microsoft.com/Office365-License-cfd9489c#content\
