U.S. Sen. Ron Johnson co-sponsored a bipartisan bill Wednesday to help students better understand and track loans and educational debt.

The Oshkosh Republican joined Democratic U.S. Senators Joe Donnelly of Indiana and Amy Klobuchar of Minnesota in introducing the Empowering Student Borrowers Act.

Under the legislation, colleges and universities would be required to send a letter to students every year detailing total loan debt, projected monthly repayment amounts and the estimated interest rate for each loan.

Indiana and Wisconsin have similar requirements. The Wisconsin state law just went into effect.

Read more in the Milwaukee Journal Sentinel.