kathleen said:
find someone in high school or college and have them use their student discount and you can get a 12" Powerbook for $1400, $1500 with some extra RAM
No, please don't do that.
Apple gives student discounts because it knows students generally don't have enough money to afford Macs. (And because it knows that people who buy a Mac for college will usually buy more when they graduate....)
If people start abusing student discounts, then Apple will cut off the student discounts. Which will really suck for all the legitimate students out there.
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My understanding is that refubs are "open box" Macs that get returned to Apple for some reason. Many are probably warranty returns. (Even an unused product whose packaging was opened can't be sold as "new" for legal reasons.) Apple then replaces any defective components and sells them as refurbished.
I've never bought a refurb myself, and have no personal experiences.
The Apple Sore refurbished units do have the standard 1-year warranty, which can be extended (AppleCare) for two more years at any time during the original one-year warranty. (If you buy it using certain credit cards, you also get a year of extended warranty.)