As far as I can see there is no educational discount for the ipad only imacs and maybe ipods I believe. There are already refurbished ones for $449 though, not much, but $50 is $50.
I had not checked... but, Mom, I always buy Refurbished Macs... there's not a thing wrong with them. They come with the same warranty as the "new" ones... you just don't get the fancy box.