Unfortunately, there isn't a lot that you can do with latex once it's made in the Education Edition of Minecraft, though you can make different colored balloons with it.

To make a balloon, you'll want six pieces of latex, one helium, one lead, and one color dye of your choice, depending on what color you want the balloon to be.

In your crafting table, place the six latex pieces in the spaces to the left and the right of the nine-by-nine grid. Place the lead in the bottom middle square, the helium in the middle square, and the dye of choice in the upper middle square. Once you've done this, you should have made a balloon.

Once it's crafted, you can place a balloon on a fence or on an animal (though not on the animals that can be domesticated as pets). The balloon will stay on the fence as long as it doesn't break, in which case it will float away into the sky. With some animals, like chickens, if you place a balloon on them they will float into the sky.