Photoshop on an iPad

When at an Apple store last year getting my phone battery looked at, I was watching a demonstration of using Photoshop on an iPad. I was pretty impressed. I would have to buy a new larger iPad since the one I have is like 100 years old (still working though) but can't do any updates on it anymore.

I'm now in a design class and see how nice it would be to be able to use a mobile version of Photoshop to interlace with the full desktop iMac version. I have a subscription to the Creative Suite at a discount because of my student status. Would I also be able to use the same subscription for an iPad version?

And what size iPad would you recommend? And do you have any special pricing for students?

Thanks!