The complex financial choices students must make are compounded by the fact that, for decades, the cost of college has been rising far faster than incomes. Between 2004-2005 and 2015-2016, prices for undergraduate tuition, fees, room, and board at public institutions rose 34 percent, after adjustment for inflation. Students and their families have increasingly taken on debt to pay for college. Currently, most student debt consists of federal government loans, which now totals more than $1.5 trillion, owed by 43 million individuals, or over $33,000 per borrower on average. This rising cost of tuition and student debt is even more troubling when considering recent survey data that found one in five adults who attended college believe the cost of their education exceeded the financial benefit it produced. The Financial Literacy and Education Commission (FLEC) prepared this report in response to Section 603 of P.L. 115-174, the "Economic Growth, Regulatory Relief, and Consumer Protection Act," which requires the FLEC to establish best practices for institutions of higher education regarding methods of teaching financial literacy and providing information to assist students with borrowing decisions. The recommendations in this report can be summarized in the following categories: (1) Identification of best practices for evidence-based, effective financial education programs; and (2) Identification of specific best practices for institutions of higher education to address teaching financial literacy and improving decisions related to student borrowing.