"If you are using more than 5 GB of free storage, you will continue to have access to all files for at least 12 months after these changes go into effect in early 2016. In addition, you can redeem a free one-year Office 365 Personal subscription (credit card required), which includes 1 TB of OneDrive storage."
@squid157 What happens if I have extra storage from a promotion or some other offer? The storage you have as part of other promotions is not affected by this change.