If you purchase in a store then they will normally give you some discount and a lower price for applecare; however, you get a better deal online or by phone.
Any laptops/desktops purchased via the apple HE store through your university network, or over the phone (using the special phone number for education individuals) have a substantial discount (eg, White MacBook goes from £719 down to ~£618), and they are covered by 3 years parts and labour and one year phone support as standard.
This is because the Universities' Apple Computer Group negotiated a National Higher Education Contract that is valid until September 2010. This covers any purchases made by students at UK universities online or on the phone. (Google UACG and see for yourself).
Apple has been very good at not communicating the 3 year warranty to students, and many people spend an extra £40 for applecare without needing too (the only difference is 3 years phone support).
I strongly recommend phoning them and clearly stating that "I would like to purchase a 'insert product here' under the terms of the UK HE contract..."
Even the people at apple call centres are sometimes unclear about the 3 year warranty, so when you get the product phone apple, read the serial number and ask whether they have acknowledged that the product was sold under the HE contract. If they say no you are fully within your rights to return it and demand a full refund as the specifically asked on the phone, and by distance selling laws (if you say this they may well cave and send you confirmation).
But I know someone who bought a MacBook online and received an email confirming 3 year warranty, but that was about 3 months later!
Please note- This only applies to UK students!