1. Short title This Act may be cited as the Empowering Student Borrowers Act . 2. Best practices for teaching financial literacy Part C of title I of the Higher Education Act of 1965 ( 20 U.S.C. 1015 et seq.) is amended by adding at the end the following: 138. Best practices for teaching financial literacy (a) Best practices (1) In general After soliciting public comments and consulting with and receiving input from relevant parties, including a diverse set of institutions of higher education and other parties, the Secretary shall, by not later than 1 year after the date of enactment of the Empowering Student Borrowers Act , establish best practices for institutions of higher education regarding methods to— (A) teach financial literacy skills