Mike Enzi Introduces Legislation for Greater Federal Student Loan Transparency

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CASPER, Wyo. He says the kids should be fully-informed when they get money to pay for college.

He also says government officials federally fund many financial literacy programs that he thinks aren't working.

Enzi said financial literacy should help us understand the consequences of taking out students loans.

"There should be an APR rate on that. Well if you get a loan from a private institution they are required to give that to you, If you get it from the federal government you don't get that. So you don't know what your loan is going to cost you. You don't know what your consequences are for not paying off the loan." Explained Enzi.

He said those should really be the same because kids should know what they are getting into when they go to college.