HARTFORD Conn.—The two youngest members of the U.S. Senate are co-sponsoring a bill aimed at lowering college costs that includes withholding federal funds from schools that don’t meet affordability and quality standards.
Democratic Sens. Chris Murphy of Connecticut and Brian Schatz of Hawaii are planning to introduce the legislation this week. The two are still paying off their college loans.
Murphy says higher education is out of reach for many Americans because of skyrocketing tuition. He says too many students are leaving college with heavy debt.
The legislation would fund a competitive program to encourage schools to lower costs and reduce the time needed to get a degree. The bill also calls for schools to lose federal funding if they don’t meet the affordability and quality standards developed under the legislation.
Murphy, 40, and Schatz, 41, say skyrocketing tuition has put higher education out of reach for many Americans, with college costs having tripled over the past 30 years. And they say too many people are leaving college with high loan debt.
“College administrators need to wake up every morning thinking about how they can make school cheaper, and that is not happening today,” Murphy says.
The average cost of tuition, fees and room and board at a four-year public college or university for in-state students is about $18,400 a year, according to the College Board, a not-for-profit membership group that promotes college access and owns the SAT exam. The same average cost at a private school is about $40,900 a year.
