(CBS) - Apple is extending an olive brand to U.S. schools. The computer giant is releasing a cheaper version of the 21-inch iMac for educational institutions.

The new iMac retails at $999, which is $200 off the price of the regular price. While the discount isn't immense, American schools could really use the break. Apple is no. 1 in the global smart phone market and reportedly has a larger cash reserve than the U.S. It's not a bad way of giving back to the community.

Here are the specifications of the new iMac:

3.1GHz Intel Core i3 Dual-Core
2GB RAM
250GB Hard Drive
AMD Radeon HD 6750 with 256 MB
OS X Lion

As Jason D. O'Grady at ZDNET pointed out, the retail iMac has better specs for the extra $200. Although, we're guessing that if these desktop computers will likely be bought for school computer labs. In which case, major processing power and hard drive storage is irrelevant for basic needs, like checking email or printing papers.