We can do that without iPads, for all practical purposes. Many of our text books are available through eText, so they can keep their school issued book at school and access the electronic version at home on the family computer if they decide to do some homework. Studious kids will either schlep the books or go online while less studious ones won't make the effort even if you tattoo the content on their eyeballs.
An I-pad or Kindle is a lot easier to read material off of than a computer screen. If you don’t believe me, just try it or reading a dead tree book vs. Reading the same off a computer screen. Then try an I-pad or Kindle. You’ll find the pad works far better than the computer screen. I know; I’ve done the pads, dead tree books, and the computer screen.