Education Pricing and Student Discounts - Education - Apple
Back to School - Student Discounts - Education - Apple
I could be mistaken, but I think the "additional $150" you mention is in the form of an Apple gift card that you can use for future purchases – not in the form of cash back on the M1 MacBook Air purchase.
So if you qualified for the education program, and bought the base configuration of the M1 MacBook Air, I think it would be $899 plus tax.
The Certified Refurbished section of the online Apple Store has similar M1 MacBook Airs for $849 plus tax. You might not get a gift card with them.
It also looks like B&H Photo Video currently has new M1 MacBook Airs on sale for $849.