The bill, titled the Student Protection and Success Act, introduces new accountability standards for institutions of higher education, effective fiscal year 2028. Institutions with a cohort repayment rate of 15 percent or less will become ineligible to participate in federal direct student loan programs for three consecutive fiscal years. This ineligibility also extends to other federal student aid programs, including Pell Grants and Federal Perkins Loans, aiming to hold institutions accountable for student loan outcomes. Institutions facing ineligibility can appeal the decision to the Secretary of Education within 30 days. During an appeal, continued participation may be granted if the institution demonstrates an inaccuracy in the Secretary's calculation that would raise their rate above 15 percent. The cohort repayment rate is defined as the percentage of borrowers making at least a one-dollar reduction on their principal balance within two years of entering repayment, with specific exceptions for certain deferment statuses. To further promote accountability, the bill mandates risk-sharing payments from institutions participating in the direct student loan program, starting in fiscal year 2028. These payments are calculated based on the institution's cohort nonrepayment loan balance , which represents the total principal of loans where borrowers have not made a one-dollar principal reduction over three consecutive fiscal years. The payment amount is 2 percent of a calculated nonrepayment balance, adjusted by the national unemployment rate, and capped at 2.5 percent of the institution's total annual revenues. In contrast, the bill establishes a College Opportunity Bonus Program to reward institutions demonstrating strong student outcomes. Beginning in fiscal year 2028, grants will be awarded to institutions with a cohort repayment rate exceeding 25 percent. These grants aim to support reforms that increase college access and success for low- and moderate-income students, such as providing additional need-based financial aid or enhancing academic support services. The bonus program grants will be funded exclusively by the risk-sharing payments collected from other institutions. Grant amounts will be determined by a formula considering the number and percentage of Pell Grant students, their cohort repayment rate, and the institution's student service expenditures relative to its resources. Additionally, the bill requires the Secretary of Education to report on best practices for improving repayment rates and amends definitions related to student service expenditures for data collection purposes.