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If I remember correctly, they've not allowed stacking in the past; so while anything is possible, I'd say it's pretty unlikely.
 
The email from apple says at the bottom.

Shopping event prices are solely available on 26 November 2010 and are subject to change. Promotional pricing cannot be combined with any other offers. Not all sale products are available in all Apple Retail Stores. Product specifications are subject to change. Sale prices are limited to stock on hand and while supplies last.

So gonna say wont be stackable with student discount, so student discount will probably be the better deal for the applecare and warrantary.
 
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