You have to purchase between now and September 20th, 2011 and to be eligible you have to be a college student, a parent buying for a college student, or a faculty or staff member at any grade level. If you're an elected or appointed member of a school board, or an elected or appointed officer of a PTA or PTO, you're also eligible.
Buy through the Apple Online Store for Education. Or, buy it at your school's Authorized Campus Apple store. Or, buy it at an Apple Retail store and tell them you want the education discount (bring an acceptance letter or a school ID). You'll save at least $50 that way, probably $100, and maybe more than that.
So... you save money on the cost of the machine, AND you get a $100 gift card. You'll also get Mac OS X "Lion" for free via the "Up to Date" program (see this link) so there's another $29 you're not spending. Just about every Mac qualifies, including MacBooks, MacBook Pros, MacBook Airs, iMacs, and Mac Pros. Maximum of two per customer.