In the US, you can buy AppleCare at a student discount price, but it's not included in the purchase of a Mac. There is an educational discount in the UK that includes extended coverage. So it depends on where you are.
This also helps you realize that the Applecare is really only a 2 year extension on servicing.
That's not entirely true. You actually have 2 yrs and 9 months extension of free phone support.
Which is precisely why I was specific to say "on servicing". But thanks for clearing up the point I didn't mention, since it is illustrated on the link I included. Having never in 20 years of owning computers phoned a manufacturer for technical support, I suppose I don't put much weight in it. I'm sure it has value to many people.