As noted by The Verge, Apple changed its Online Store home page early Tuesday to advertise the start of the promotion, which is now live on the company's website.
For the first time, students can now buy an iPhone to receive a $50 gift card that can be used in the App Store, Mac App Store, iTunes Store, and iBookstore. The same value is also applied to iPad purchases. As in past years, Mac buyers get $100 gift cards with their machines.
To take advantage of the offer, customers must be college students, students accepted to college, parents of a college student or school faculty or staff for any grade level.
The promotional gift cards are included on top of Apple's education pricing, and purchases must be made between July 2, 2013, through September 6, 2013.