YoungMoney: Get a bachelor's degree for $10,000

Now you can head to college for just $10,000 total, courtesy of a new online-only program from College for America.

The degree, which is backed by Southern New Hampshire University, was announced this week and has been approved by the federal government. Tuition costs $2,500 a year with no extra costs for materials or fees.

And this isn't your traditional college. It operates entirely online and is aimed at adults already in the workforce.

College for America is partnering with employers like McDonald's and Sodexo, who will in turn help market the program to their employees. The companies will also provide some tuition assistance, making the relatively affordable degree even more inexpensive.

In an effort to better prepare students for real-life scenarios and gain valuable workplace skills, the degree is based on competencies, not credits. Instead of tests, homework consists primarily of group projects and presentations. Right now students can pursue degrees in health care management or communications, according to a release on the college's website.

The college also operates year-round instead of by traditional semesters. That means it's easy for students to finish in at least four years, if not fewer, adding another opportunity to pay less. Employees of partner companies could start applying May 1 for enrollment in the fall.