Thanks for posting; I’ve logged this against case number 492883.
Typically, this error message means that Windows can’t find the install source. I’m not certain as to why this might be, but would suggest that the student try to save rather than run the installer from Planet and save it to his desktop or a similar location that he knows will be available (As opposed to, say, a networked documents or downloads folder that the installer may not be able to see properly).
If this does not help, Microsoft recommends running its installer Fixit utility to resolve the issue when this comes up with Microsoft Office; this suggestion might also be helpful here. I’ve liked to Microsoft’s KB below.