Student Protection and Success Act This bill amends the Higher Education Act of 1965 to make an institution of higher education (IHE) ineligible for federal student financial aid programs for two fiscal years if a certain percentage of its students are not able to start repaying the principal of their loans by specified deadlines. The Department of Education must award grants to IHEs that have a strong record of supporting low- and moderate-income students. The bill funds the grants by requiring IHEs with certain nonrepayment loan balances to make risk-sharing payments. Grants may be used to increase college access and success for the students using investments and practices such as: awarding additional need-based financial aid, enhancing academic and student support services, and accelerated learning opportunities.