To amend the Financial Literacy and Education Improvement Act to include secondary schools in best practices for teaching financial literacy, and for other purposes.

“(B) Best practices

“(i) The best practices described in subparagraph (A), as applicable to institutions of higher education, shall include—

“(I) methods to ensure that each student has a clear sense of the student’s total borrowing obligations, including monthly payments, and repayment options;

“(II) the most effective ways to engage students in financial literacy education, including frequency and timing of communication with students;

“(III) information on how to target different student populations, including part-time students, first-time students, and other nontraditional students; and

“(IV) ways to clearly communicate the importance of graduating on a student’s ability to repay student loans.

“(ii) The best practices described in subparagraph (A), as applicable to secondary schools, shall include—

“(I) methods to create a budget, track expenses, and save for short-term and long-term financial objectives;

“(II) effective ways to save and invest money, including by introducing students to different financial securities;

“(III) information on the fundamentals of credit, including a description and effects of credit scores, and the importance of responsible credit card usage;

“(IV) critical thinking skills to evaluate financial products, make informed decisions, and avoid financial scams; and

“(V) methods to ensure that each student has a clear understanding of postsecondary education financing options, including student loan borrowing, in preparation for enrollment at an institution of higher education.”