With the Surface Pro 4 release coming soon, Microsoft has slashed the price of select models of its Surface Pro 3 tablet by up to $300. Regular customers can avail themselves of up to $150 in savings, while students and educators can slice an additional $150 off the price of select Surface Pro tablets, with a free protective sleeve and free shipping thrown in for all customers through Labor Day.

It's no secret that the release of Microsoft's Surface Pro 4 is right around the corner. Most tech pundits are pegging the release date for October, and rumors have the new devices coming in two size variations along with the usual storage options.

The Surface Pro 3 is no slouch, however, and comes in a variety of storage combinations, from 64GB all the way to 512GB, packing either 4GB or 8GB of RAM, depending on the model. Different models run the Intel Core i3, i5 or i7 processor, and the various combinations offer a variety of price points for consumers.

The higher priced Surface Pro 3 models have received a $150 price cut, while the mid and lower priced versions have been slashed by $100. These appear to be permanent price reductions, not just sales for Labor Day. Students and teachers are being offered up to an additional $150 off the price on some models just in time for the start of the new school year for a total of up to $300 in savings, and everyone is being given free shipping along with a free protective sleeve for the Surface Pro 3 when they purchase the device through Labor Day.

Those who have been looking for a new Surface Pro may want to jump at the deal, but with the new Surface Pro 4 arriving shortly, it creates something of a dilemma. Although details of the new tablet's actual specs are unclear, rumor has it that besides a second, larger 13 to 14-inch screen option, the Surface Pro 4 will run Intel's newly revealed Skylake processor. This could be a game changer that takes the device to a whole new level of speed and performance, and might make some regret pouncing on what appears to be a great deal, only to wish they had waited.

Do you plan on taking advantage of the savings offered on a new Surface Pro 3, or will you wait for the new Surface Pro 4 to arrive? Please let us know in the comments below.