If you are buying any laptop I recommend an extended warranty. If you have a screen go dead or a logic board failure, you might as well buy a new laptop otherwise. I used to work for Best Buy for 4 years (96-00), before they had Geek Squad, when the service bench (at least at my store) was actually good and didn't rip you off too badly. I saw so many laptops come and go. The ones with service plans were definitely treated better by our repair depots.
I bought applecare when I got my powerbook in Summer 04. 1 month before my applecare ran out 3 years later, I had my screen go, then my hard drive go almost as soon as I got the computer back from the screen repair. Apple replaced both, no questions asked. I also had a bad airport extreme card when I purchased the computer which was replaced within 2 weeks of my purchase.
Needless to say applecare definitely paid for itself, especially if you can get it at the student price.
YOU SHOULD GET IT.