To amend the Higher Education Opportunity Act to restrict institutions of higher education from using revenues derived from Federal educational assistance funds for advertising, marketing, or recruiting purposes.

Protecting Financial Aid for Students and Taxpayers Act This bill amends the Higher Education Opportunity Act to prohibit an institution of higher education or postsecondary educational institution from using revenues derived from federal educational assistance funds for recruiting or marketing activities. Federal educational assistance funds include federal student aid under title IV of the Higher Education Act of 1965, education benefits for military personnel and veterans, and grants for workforce development programs.