; and (B) provide useful and necessary information to assist students at institutions of higher education when making financial decisions related to student borrowing. (2) Best practices The best practices described in paragraph (1) shall include the following: (A) Methods to ensure that students have a clear sense of the students' total borrowing obligations, including monthly payments, and repayment options. (B) The most effective ways to engage students in financial literacy education, including frequency and timing of communication with students. (C) Information on how to target different student populations, including part-time students, first-time students, and other nontraditional students. (D) Ways to clearly communicate the importance of graduating on a student's ability to repay student loans. (b) Maintenance of best practices The Secretary shall maintain and periodically update the best practices information required under subsection (a) and make the best practices available to the public. . 3. Annual estimate of student loan borrowing costs Section 485 of the Higher Education Act of 1965 ( 20 U.S.C. 1092 ) is amended by adding at the end the following: (n) Annual estimate of student loan borrowing costs (1) In general Beginning on July 1, 2019, each eligible institution shall provide a cost estimate described in paragraph (2) to each enrolled student who receives an education loan to attend the institution, not later than 30 days before the first day of each academic year beginning after the academic year for which the student first received such a loan to attend such institution. (2) Contents of estimate The estimate under paragraph (1) shall contain the following information: (A) Cumulative balances and monthly payments A notice to the student of— (i) the cumulative balance of education loans owed by the student as of the date of the notice