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Two U.S. senators on Wednesday proposed legislation that would give selective colleges that enroll relatively few low-income students (the bottom 5 percent of all institutions) four years to boost their enrollment numbers from this group or face paying a fee to continue being eligible for federal financial aid.

The bill also would use money from the fees to grant up to $8 million to colleges with mostly open admissions and low graduation rates (also bottom 5 percent) to improve their student outcomes. Colleges would need to opt in to be eligible for the completion money. If they failed to improve graduation rates, participating colleges could face a penalty and temporary loss of access to federal financial aid.

Read more at Inside Higher Ed: