That's about one-sixth of the cost of its traditional program, but officials maintain that the two degrees will be comparable, The Wall Street Journal reports.
The program, which is offered in collaboration with education startup Udacity and AT&T, aims to open enrollment for fall 2014.
As part of the deal, Udacity will get 40% of the revenue and Georgia Tech will take the rest. AT&T is subsiding the program to ensure it breaks even in its first year.
Initially, enrollment will be limited to just a few hundred students. But Georgia Tech plans to gradually expand its student population over the next three years.
Georgia Tech is one of the world's best engineering schools. Its top employers for graduates include IBM, Intel, Cisco Systems, and Microsoft.
Computer engineering majors also tout some of the highest salaries post-graduation, according to Forbes. On average, those with computer engineering degrees earn $70,400 per year post-graduation.
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