Apple's iMac range will be getting a new addition to its ranks in the form of a new 21.5-inch 'budget' option which will be aimed at those in education or volume customers.

It's not yet know whether it'll keep the same glossy LED screen that's adorned on the current range, but it is known that it'll use the processor from the old range, it'll also only have 2GB RAM and 250GB of storage. This is obviously a big drop from the specs of the new iMac 2011 range which offers a lightning-fast 2.5GHz quad-core on the base 21.5-inch model.

With this drastic drop in specs however, the hope is that the cost will fall well within the range of affordable for students who are hoping to join the Mac family ahead of starting university. No official word on a release date, or indeed whether these specs will stick, but 9to5Mac seem pretty confident it'll be heading our way August 16.

What do you think, will a 'budget' iMac be something you'd consider? Let us know what you think on Facebook and Twitter.

Source: 9to5Mac