This is a win-win situation for everyone involved, I’d say. Apple has now officially announced its iPhone Developer University Program, a program where educational institutions can hold accredited courses in the development of iPhone applications. While recreating the I Am Rich app is probably not the best idea, you can have some fun with your iPhone and get school credit for it.
The universities and colleges benefit, because Apple will provide them with the iPhone SDK free of charge for up to 200 students at a time. The students benefit, because they get to work on something that they enjoy and get school credit for it. And Apple benefits because they are effectively creating a series of small developer companies, tapping into the geniuses at universities across the country.
Yes, the apps being created by students are just as eligible for the App Store as any other development, so you may even be able to make money taking this course. Who needs a student loan when you can sell iPhone games online?