Pell Grant Restoration Act This bill restores a student's Pell Grant eligibility for any period of time during which the student qualified for, or would have qualified for, federal student loan forgiveness due to school closure, assertion of a defense against repayment, or institutional fraud or misconduct. Specifically, this bill provides that Pell Grants received by a student during that period of time do not count toward the student's lifetime Pell Grant eligibility period (currently 12 full-time semesters).