Hi:
SAS University Edition was retired quite a while ago, so it is unlikely that you are using SAS University Edition in a Virtual Machine anymore. My guess is that you are asking about a SAS OnDemand for Academics account, which is accessed by signing into your SAS Profile and clicking on SAS Studio from the OnDemand Dashboard.
Your account can be terminated if you violate the terms of use for the account. Typically, however, independent users will use their SAS OnDemand account while they are learning SAS and then their usage of the OnDemand account will start to taper off as they find jobs and get access to SAS through work. Every time you log onto SAS OnDemand for Academics, you must agree to the terms of use. As long as you keep logging on to the system on a regular basis and keep agreeing to the terms of use, your account will remain active. Eventually, you'll either stop using the account or you'll move onto other ways of using SAS and after a long period of inactivity where you have not agreed to the terms of use, then your account is deleted. Also, remember that independent users only receive 5GB of disk space in their home folder, so at some point, you'll probably need to move some of your notes and programs and files to your local machine (using the Download feature), so you can free up space and have the files locally available. And, honestly, as much as I love the cloud, I always like to have backups, so I would never have my notes stored only in one place. I'd have them in the cloud, on my local machine, on a backup of my local machine and on a flash drive that I stored off-site. If the files were important to me, I would make sure I had more than one place where they were stored.
Just my .02 on having multiple copies,
Cynthia