Apple is planning on launching their annual Back to School promotion on Tuesday, June 3rd. Last year, Apple offered a free iPod Nano ($199 value)
or a $199 credit against a more expensive iPod for eligible customers. The iPhone was specifically excluded from this promotion last year. The promo was available only to college students purchasing a qualifying (MacBook, MacBook Pro, iMac, Mac Pro).
The exact offering for this year's promo is not yet known, but is expected to be comparable. Qualifying students looking to buy a Mac should certainly wait until June 3rd to take advantage of the promotion.
Last year's promo page
remains online at the Apple Store, but terms and conditions will likely be different for this year's promo.