A bill introduced by federal lawmakers from Connecticut is intended to make college cheaper.

Sen. Chris Murphy and Rep. Jim Himes, both D-Conn., on Friday introduced the College Affordability and Innovation Act. If approved, the bill would give federal funding to schools that give degrees in less time, so students would pay less.

Colleges could obtain funds by competing in programs that eliminate costs and reduce the time required to earn degrees -- such as online courses, dual-enrollment programs, accelerated degrees and efforts to increase the number of credits that transfer from other institutions. Success would mean continued funding.

"I've heard from students and parents all across the state, and it's clear that the most important thing Congress can do for them is pressure schools to bring down the cost of a degree," Murphy said in a statement. "Our legislation will incentivize schools to create new, innovative programs to reduce the cost of school while improving the quality of the degree, and will set new standards for schools that receive federal funding so that they're more accountable to students and taxpayers. Federal higher education policy should focus first on lowering the cost of college, and second on helping students borrow more easily."

A recent report showed that Connecticut's community college students who transfer to the University of Connecticut lose more than 20 percent of the credits they already obtained, delaying graduation and increasing their costs by $6,350.

"The College Affordability and Innovation Act will make college more affordable by promoting much needed innovation and holding institutions accountable to students and taxpayers," Himes said in a statement.

"There is no silver bullet to fix these rising costs, but by incentivizing and monitoring colleges, we can start moving in the right direction, and make the dream of higher education a reality for more Americans."