As the costs of higher education continue to rise, many schools are launching college programs online and accelerated degree programs that could save students time and money.

Education experts suggest that it now takes most students more than four years to complete a bachelors degree program. In addition, the cost of attending a public, brick-and-mortar institution to pursue one of these degrees has risen by 6.5 percent over the past year, according to the College Board.

To help exceptional students who wish to earn a degree without falling into a great deal of educational debt, a North Carolina-based school has announced the launch of three-year bachelors degree programs, The Winston-Salem Journal reports.

Individuals who wish to enter these courses of study will be required to have at least 12 college credits before enrolling at the university. These credits may be earned through Advanced Placement programs or a local community college.

College officials expect that these programs will reduce the cost tuition, living expenses and other fees by approximately 22 percent, which will save the average student $8,000 over the course of their educational career.