I have and continue to spend money on apps to make it school savvy. Here is a list of apps that i have found useful, with price and description:
-Atomic Browser, $1, tabbed internet browsing
-Puffin Browser, $1, allows viewing of flash videos
-Microsoft Quick Office, $15, edit and create word, excel, and pp docs
-GoodReader $3 and Noterize $4, edit and annotate PDF docs, both have different features that i like. GoodReader has a very good doc organizing features.
-UPAD, $5, best note taking app out there (and i bought 4), can write, type, record 30 min of audio per file, and then email it to yourself as PDF. ***Key feature - you can write very large in the tab, it then shrinks it down to regular paper level.
-Keynote, $10, best app for pp docs, much better at editing, and overall more user friendly.
-Dropbox, free, this is the best way i have found to toggle documents between primary computer and ipad.
-istudiez pro, $3 (i think), basically it is a calendar app meant for keeping track of school assignments, grades, etc. Very useful if used properly.