This sounds similar to the Community College of the Air Force. You can get most of an Associate's just for doing all of the training in your AFSC that you would do anyway, plus a few electives. If you already have some or all of another degree, it's a slam-dunk. It's also mandatory if you want to get E6, so before too long I'm going to have to submit my transcript for my Bachelor's.
However, since an Associate's and $1.00 will get you a cup of coffee, you can enroll in a Bachelor's program at another institution (Wikipedia says there are 42 participating schools) and you only need another 60 credits. I am considering doing this (on the GI Bill, natch) since all my degree in Criminology ever got me was automatic E4 upon enlistment. A Bachelor's in Transportation Management would help me bypass the entry level crap at UPS or FedEx, both of which have huge hubs only a few miles from my home.
Unfortunately right now, a pending Associate's degree notwithstanding, I chose a poor career field as far as finding a good job on the civilian side. The most complex piece of equipment for which I'm licensed is the NGSL (aka 25K loader) and it's not used in the civilian world. I'm licensed on five different kinds of forklifts, which I can run on the civilian side for $9/hour.