1. Inclusion of local educational agencies and schools in best practices for teaching financial literacy Section 514(a)(3) of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9703(a)(3) ) is amended— (1) in subparagraph (A)— (A) in the matter preceding clause (i)— (i) by inserting and secondary schools after of institutions of higher education ; (ii) by striking May 24, 2018 and inserting January 1, 2024 ; and (iii) by inserting and secondary schools after for institutions of higher education ; and (B) in clause (ii), by striking at institutions of higher education when and inserting in ; (2) by striking subparagraph (B) and inserting the following: (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