I don't know of any way to download it yourself for free, but your university may be like mine and have EndNote installed on all the university computers, thus allowing you to use it for free. To be honest, though, given that to buy a copy of EndNote usually costs almost £200 the fact that the university has a discount allowing you to get it for £64.95 is a bargain!
Yes it's worth checking what your university IT department can provide you with.
Alternatively Mendeley is pretty similar (http://www.mendeley.com/). It has its limitations but so do most citation managers.
A lot of uni libraries would have a version of Endnote - Endnote on the web - which normally is free to use via your library website. What you are being charged for is probably an individual version and tbh the price you got is competitive. Endnote is expensive.,
there is open source [free] software which you can download such as Zotero - http://www.zotero.org/, some people prefer it so have a look around before committing to something.
Thank you all for your replies. I have since found this thread and found the content really useful! http://www.postgraduateforum.com/threadViewer.aspx?TID=17181
Will definitely do a bit more research before spending any money :)
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