Stockton College and Rowan University in New Jersey announced a dual degree program that will allow students to receive bachelor's degrees from both institutions after just five years, The Inquirer Daily News reported.

Under this new agreement between the two schools, students will be able to earn a Bachelor of Science degree in Chemistry, Mathematics or Physics from The Richard Stockton College of New Jersey and a Bachelor Science Engineering degree from Rowan University.

Qualified students spend three years at Stockton's School of Natural Sciences and Mathematics for three year and attend Rowan's College of Engineering for two years, ultimately earning degrees from both institutions.

"Stockton's strengths in the sciences mold well with our engineering programs to the great benefit of students and the region," Ali A. Houshmand, Rowan's president, said in a statement to The Inquirer Daily News. "This joint venture will increase access to prominent programs, enabling some of the best and brightest college students to stay here to earn degrees that open doors for them in high-demand fields. With two degrees, they will be uniquely prepared to work for leading technology-driven companies in New Jersey."

Stockton President Herman Saatkamp believes the dual degree program will also increase the value of the students' education.

"Science, technology, engineering and mathematics (STEM) are increasingly the key to jobs in education and industry in our global economy," Saatkamp told Patch.com. "This agreement offers students the opportunity to increase the value of their education while reducing the cost by receiving degrees from two prestigious New Jersey institutions of higher learning."

The program is "limited to combinations that can be completed in five years," The Inquirer Daily News reported. Three of Stockton's programs (chemistry, math and physics) and five of Rowan's programs (biomedical, chemical, civil, mechanical, and electrical and computer engineering are participating in the five-year dual degree program.