New bill could potentially lower the cost of college

College students across the nation may get some more relief when taking out students loans

YUMA, Ariz. (KYMA, KECY) - A new bill, "Lowering Obstacles to Achievement Now (LOAN) Act" was introduced Thursday by Representative Raúl Grijalva, House Education & Labor Committee Chairman Robert C. “Bobby” Scott and Higher Education and Workforce Investment Subcommittee Chair Frederica Wilson.

The LOAN Act is designed to lower college costs for current and future student borrowers and their families in Arizona and across the country.

“The new legislation builds on President Biden’s historic one-time student loan debt relief announcement last month to forgive up to $20,000 in outstanding federal student loan debt for millions of borrowers,” said Rep. Grijalva.

The legislation states the Federal Pell Grant would be doubled.

One Arizona Western College (AWC) student, Jazlynn Beltran, who will be transferring to the University of Arizona said this would help her tremendously.

"Honestly for me personally, I think it's really good because I'm on dialysis and so I'm not really able to work a lot and my time is either consumed by being in school or doctor's appointments or being at dialysis," explains Beltran. "So the fact that the loan is going to double for the Pell Grant is really beneficial for me."

The bill will also improve the public service loan forgiveness program, make loans less expensive and lower interest rates.

AWC freshman Omar Damian says he currently doesn't have a job because working and going to school puts on a lot of stress, so this legislation would benefit him immensely.

"This will help me by helping me like pay off my classes," says Damian. "I also have to buy materials for my classroom as well, which I can't financially provide for myself."

Grant Molinar, AWC Honors Program Senior Secretary said the honors students he works with are gifted but are constantly worried about finances.

"Having these discussions of can we increase the Pell Grant, can we find a way to make school more affordable to bring down tuition rates, to make it more accessible towards a variety of people, particularly in an underrepresented community," said Molinar. "These are pressures that speak directly to the honors program and if this is gonna bring those bright students in, let's do it."

Molinar said where there's a passion, there's a way.

Rep. Grijalva's office said this bill has support from the house and hopes to have the bill on the floor by the end of September.