Wyoming's Republican U.S. Senator Mike Enzi, along with and U.S. Republican Representative John Curtis of Utah, introduced legislation Monday they say will improve the information that's provided to students and families who are taking on federal loans to finance their higher education. U.S. Senator John Barrasso (R-Wyo) is also a co-sponsor of the bill.

The Transparency in Student Lending Act would require disclosure of the annual percentage rate (APR) for federal student loans, according to Enzi's office. Currently, those who take out private student loans receive that information but those who take loans issued by the Department of Education do not. "The APR assists borrowers by showing the true cost of a loan, helping students and their families make more informed financial decisions," according to the release.

“Borrowers of federal student loans need transparent information when considering loan options and federal student loans should have to be upfront about their true costs,” Enzi said. “This bill would provide more transparency so families can be better informed about their financing options.”

“Students face many challenges in trying to plan and pay for college. When making these important financial decisions, they shouldn’t have to struggle to understand the true cost of their federal student loans,” said Barrasso. “Our bill will provide much needed transparency to the federal loan process and give students and their families more certainty when it comes to financial planning.”

Enzi's office describes the APR as "expressed as a single percentage number that represents the actual yearly costs of funds over the term of the loan and takes into account the stated interest rate of the loan and any fees or additional costs associated with the loan."

Other co-sponsers of the legislation include Senator Joni Ernst, (R-Iowa) and U.S Representatives Ted Budd, (R-N.C.) and Bill Posey, (R-Fla.)