Cheap, Scaled-Down iMac Being Readied For Students?

Apple failed to introduce a new educational discount for iPads, but that doesn't mean they've forgotten about students altogether. 9to5Mac has heard that a new, more affordable iMac aimed at students will be released this month, maybe on August 16th.

According to their sources, it'll be a basic machine with a 3.1GHz dual-core processor and AMD Radeon HD 6750M graphics card, 2GB of DDR3 RAM, and a 250GB hard drive. While full details aren't obviously known yet (and indeed, this rumor could be nothing but hopeful speculation), it's very likely this iMac would cost under $1,000 when it's released.

So what say you, students? Apple's cheapest iMac is currently $1,199. Would you be willing to sacrifice specs for a sub-$1,000 price-tag, or is the extra few hundred dollars a worthwhile investment in your future? [9to5Mac]