Webb School will be leasing the 16GB model iPad 2 for $499. That is what it will cost if you buy one in the store tomorrow. We are offering a three-year lease (again, the iPad 2 is yours when the lease expires in three years and Webb does not restrict in any way the apps that families choose to purchase) with an interest rate associated with the lease of 3.4 percent. We are also offering the three-year maintenance plan for $116. So the breakdown is:
16GB Model iPad 2: $499
Three-Year Maintenance: $116
Tax: $46
Interest: $29
TOTAL: $690
The iPad 2 Case, any required Apps and optional insurance will not be included in the above lease amount.
From my perspective there are three main reasons to lease through the school. You could spread the payments over three years (with a 3.4 percent interest fee). Perhaps more importantly, we will furnish your student with an iPad 2 in a timely manner (same day) if his/her iPad 2 breaks. If you don’t lease through us, you will need to have your iPad 2 repaired at a service center, and it very well may be three days or more until it is fixed and returned. Finally, the price of the third year on the maintenance agreement is reduced compared to what is generally available to the public.
The three main reasons why you might not want to lease from the school are: you don’t want to pay the 3.4 percent leasing fee, you want a different model of iPad 2 than the one we are leasing or you are going to purchase a first generation iPad for $399, or you have already purchased an iPad and simply plan on using that one for a while.
Again, Webb School makes no money on any of this. We are simply offering the deal as a potential convenience to families who want or need that option. Beyond that, though, Webb School is not going to get involved in families purchasing or leasing iPad 2s for anyone other than its 2011-2012 enrolled 4th-12th graders. Those arrangements for the purchase of additional iPad 2s will need to be made via a local Apple distributor.
On Wednesday, March 23rd, upon returning from spring break, we will need to provide Apple with an accurate count of iPad 2s that Webb will be leasing. You will receive an email with lease details and instructions on how to submit your request to lease an iPad or iPads for your children. If we do not receive a form from you by 2:oo pm on Wednesday, March 23rd, we will assume that you are not going to lease an iPad through Webb and will provide your own.

Feel free to contact Jim Manikas of you have any questions about this program. 
Thank you
Scott L. Hutchinson
Webb School President.