Will the new 2017 iPad be compatible with the Apple Pencil?

I love the iPad Pro, however I don't love the price. I simply don't understanding shelling out $700 for the iPad and then $100 for the pencil, when I only want something I can take handwritten notes on for college classes. Is it possible the new 2017 $329 iPad will be compatible with Apple Pencil, or could I even buy a 3rd party Pencil and cheat the system that way?

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