Student Records Protection Act This bill revises the requirements for an accrediting agency to be recognized by the Department of Education (ED) as a reliable authority on the quality of education being offered at an institution of higher education (IHE). It also requires an IHE to establish a records management plan for accreditation purposes. Specifically, an accrediting agency must require an IHE to submit for approval a records management plan upon notification by the IHE that it intends to cease its operations. The plan must include a plan for the custody, continued access, and disposition of student records (e.g., student transcripts, billing, and financial aid records). Further, the IHE must submit the plan to ED. Under current law, an IHE must be accredited by an accrediting agency to participate in federal student aid programs.