I am currently working on my Bacholr Degree for Criminal Justice, upon completion can I challege the State for my Peace Officer's License?

I don't think so. I think you have to go to the academy first.

Below are the training requirements necessary to become a licensed peace officer in Texas.

(A) the current Texas basic peace officer course, or as an alternative to the current basic peace officer course taken at a licensed academy, the commission may approve an academic alternative program that is part of a degree plan program and consists of the commission-approved transfer curriculum, the commission-approved peace officer sequence courses, and after September 1, 2003, at least an associate’s degree; or
(B) successful completion of a commission recognized, POST developed, basic law enforcement training course, to include:
(i) out of state licensure or certification; and
(ii) submission of the current eligibility application and fee.

This information was obtained from the Texas Commission on Law Enforcement Officer Standards and Education.

I believe you have to be a licensed Law Enforcement from another state. This usually applies to out of state LEO that are interested in moving to Texas.