State senators proposed a bill that would make student loans more transparent by helping students understand how loans work and trying to give them the right financial information.

Bill 5022 also looks to build awareness about how to be smart when taking out student loans, said Sen. Marko Liias (D), one of the bill’s sponsors.

The bill would require institutions to send a notification with information about how to pay off loans, a projected total of the student’s debt and the current balance of this debt. The notifications would be sent whenever an institution receives new information on enrolled students’ education loan information.

Section one of the bill proposes ideas for schools to build up their financial literacy and financial counseling resources.

The proposal arose in response to Washington Attorney General Bob Ferguson filing a lawsuit against Navient Corp., according to a news release from Ferguson.

Navient, an offshoot of the loan distributor bank Sallie Mae, made predatory loans to students in Washington. Ferguson asked the Legislature to make the bill after this. Sen. Barbara Bailey (R) is the bill’s main sponsor.

Other states have passed similar laws, according to Ferguson’s news release.

“This is a common-sense bill, with bipartisan support,” Liias said. “It should pass.”

If Bill 5022 were to pass, schools would have to start sending these notifications beginning Jan. 1, 2018.

The bill is currently in the Senate Higher Education committee and is scheduled for a public hearing on Tuesday.