The Apple student discount isn't "hefty." They are a little less than 10%. Typically $100 off laptops less than $1500, $150 off $1500-$2000 and $200 off $2000. Late summer they usually throw in an iPod for free. It's not a bad deal overall, but refurbs are the way to go if you need a real discount.
Apple refurbs are also great, just got a new(er) mac book pro for 1350 (650 off).