Empowering Student Borrowers Act

Amends the Higher Education Act of 1965 to direct the Secretary of Education to establish, maintain, and periodically update best practices for institutions of higher education in: (1) teaching financial literacy skills, and (2) providing students with useful and necessary information to assist them in making financial decisions related to student borrowing.

Requires those practices to include:

• methods to ensure that students have a clear sense of their total borrowing obligations;
• the most effective ways to engage students in financial literacy education;
• information on how to target different student populations, including part-time students, first-time students, and other nontraditional students; and
• ways to clearly communicate the importance of graduating on a student's ability to repay student loans.