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For that price I'd go with a net book. It will do more than an iPad. As it is now the iPad is dumb. It will not communicate with other devices other than it's host without some form of software preparation in the host. It does not read documents from SD cards other than photographs, it only reads them, it will not write to SD.
A good part in study is getting material in and out of a device away from home. It is difficult to do with the iPad. You could jail break it but then there are consequences you have to deal with.
If you find a way to use the iPad though, it's the best PDF reader around.
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