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 next 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.