If you've been holding out on investing in an iPad, now may be your time. Apple reportedly has a cheaper iPad in the works, and it is set to be released next week, according to Bloomberg

At an education-focused event that will be held on Tuesday at Lane Technical College Prep High School in Chicago, Apple promises "creative new ideas for teachers and students." At the event, Apple will unveil the "low-cost iPad" along with new education software in an attempt to win over students and teachers. This will be the first education-geared product launch by Apple since 2012 when the company released a tool that designs e-books for the iPad.

Rumors have pointed towards a $259 budget iPad launch this year as Apple attempts to gain back traction from Google and Microsoft in the United States education market. As reported by Bloomberg, those close to the matter believe the cheaper iPad will be taken well in the education market. A more affordable laptop under $1,000 is also allegedly being developed and will likely replace the MacBook Air.

While Steve Jobs made education and schools a priority for Apple, the company has recently shifted its focus to mass-market and higher-margin products. This allowed Google and Microsoft to successfully break into the education market with affordable tablets and laptops.

In the past, Apple has found little success with citywide student deals for iPads. The Los Angeles Unified School District was supposed to spend $30 million in iPads for students, which was expected to grow into a $1.3 billion initiative. The deal never reached full fruition and fell apart. 

Apple declined to comment to Bloomberg.