Promoting Real Opportunity, Success, and Prosperity through Education Reform Act or the PROSPER Act This bill amends the Higher Education Act of 1965 to revise the governance of federal financial aid provided to students pursuing a postsecondary education and institutions of higher education (IHEs), including by: removing restrictions on providing aid to for-profit institutions, correspondence courses, and certificate programs; modifying the eligibility requirements for IHEs and students to participate in federal student aid programs; revising accountability measures for IHEs, such as adding new measures for minority-serving institutions; requiring IHEs to implement programs to prevent the use of illicit drugs and the abuse of alcohol by students and employees; prohibiting aid to IHEs that deny religious student organizations the rights, benefits, or privileges that are afforded to other organizations; limiting the Department of Education's authority to issue regulations; revising requirements concerning sexual assault on campuses; authorizing an industry-led apprenticeship grant program; reauthorizing through FY2024 and revising specified programs, including the Federal Pell Grant program, the Federal Work-Study programs, and an aid program for students whose families are seasonal farm workers; revising requirements governing the Federal TRIO programs for students from disadvantaged backgrounds; repealing specified grant programs (e.g., the Federal Supplemental Educational Opportunity Grant program) and loan forgiveness programs (e.g., Public Service Loan Forgiveness) for new borrowers; replacing the existing student loan programs (i.e., the Federal Direct Loan program and the Federal Family Education Loan program) with a single loan program (i.e., ONE loan program); revising student loan limits for undergraduate students and establishing loan limits for graduate students; and replacing existing student loan repayment plans with an income-based repayment plan.