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I'm currently pursuing my math degree here (1.5 years) and have enjoyed it and learned a ton. Currently enrolled in Abstract Algebra which is already a tough course but then also add t ok it that the online classes are more intense 8 week "semesters" and it equals pain. But it's rewarding pain. This seems like a logical fit for them and I think it could be a great experience for those who are interested.
As a Canadian, this seems ridiculous to me. I paid $8,500/year in tuition for my undergraduate degree (Mathematics and Computer Engineering, Queen's University) and $7,000/year in tuition for my MASc (Computer Engineering, University of Toronto), although my stipend and graduate scholarships more than covered that (~$20,000/year). I wonder how many American students go North? Even with international student fees, Canadian schools are cheaper, and offer one of the highest-quality educations in the world.
For a lot of people I know that considered going to Canada for uni, the inability to work was a major factor.
International student fees are higher than you think at Canadian universities. Instead of $5-7K/yr, they are often $18-20K/year.

You can go to Berkeley or University of Michigan for less than that ($10-13K/yr).

I was equally as excited about University of Wisconsin's offering. They're taking a step in the right direction, but I believe competency-based degrees fall short, in the mind of the general public, when compared to more traditional degrees.

In addition, I feel this program applies to such a narrow target in the post-secondary education market. Diversity of options is great. However, I'll be more interested when a university solves the problem from first principles and offers a 4-year degree in the $10K-$20K range, including the costs of books and board.