The Biden administration has promised once-in-a-generation investments and changes in higher education. Legislation introduced in the House of Representatives this month would take meaningful steps in that direction.

This week’s episode of The Key digs into what could end up being one of the most significant pieces of federal higher education policy making in many years: the Build Back Better Act. It includes the American College Promise, his plan to make community college tuition-free, significantly expanded funding for Pell Grants, and, for the first time, a fund that would give colleges incentives for retaining their students and ensuring that they graduate. It would also reshape the relationship between federal and state governments, through a partnership that would give state governments billions but require a lot from them in return.

The episode includes conversations with Michele Streeter, associate director of Policy & Advocacy at the Institute for College Access and Success; Jee Hang Lee, senior vice president (and incoming president) at the Association of Community College Trustees; and Will Doyle, a professor of higher education at Vanderbilt University.