College Degrees for $10,000?

The news media is reporting that student debt is out of control, with most people graduating with around $25,000 in loans. In response to this, states like Texas have put together a program called 10K Scholars that promised a bachelor's degree from one of the state's universities/colleges for a mere $10,000.

Just like any other government program, there are hoops to jump through to get this "deal."

• Available in Texas for fall 2013
• The deal only applies to certain majors such as math, science, and information technology.
• Must have 30 hours of college-level work already completed with a 3.0 average
• Open to freshman as well as transfer students
• Must finish within 4 years
• Must maintain a 3.5 GPA

As I'm researching this 10K program, I am both excited and confused. Since students are required to have 30 hours of college credit to begin with, they should have no problem graduating in the required 4 years. If they don't do what's called jetting (attending college while in high school), how are they supposed to pay for those 30 hours?

The question has to be asked, who is paying for the gap in tuition and costs? Will this result in a lower-quality education or will pay for college professors and employees go down?

While there are glitches in the details of this program, it looks like the 10K scholar idea is trending. A bill was introduced in California this January. People are fed up with the high costs of education. Here in Georgia, where I live, higher education rises 13% every year and has done so for 20+ years.

While this program won't help those of us who are currently in school right now, maybe it will help those future scholars.