Protect Student Borrowers Act of 2015

[AI summary unavailable — showing source text] Protect Student Borrowers Act of 2015 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) participating in the William D. Ford Federal Direct Loan program to accept specified risk-sharing requirements. For any fiscal year in which at least 25% of the IHE's student body is participating in the Direct Loan program, the IHE must remit a risk-sharing payment (a percentage of the total amount of its defaulted Direct Loans) that declines as the cohort default rate declines. If an IHE develops and implements an approved student loan management plan that includes individualized financial aid counseling for students and strategies to minimize student loan default and delinquency, the Department of Education (ED) must modify the risk-sharing requirements. ED may waive or reduce an IHE's risk-sharing payments in certain other instances. An IHE may not deny admission or financial aid based on a perception that a student may be at risk for defaulting on a Direct Loan. ED may enter into contracts or cooperative agreements for: (1) statewide or institutionally-based programs for the prevention of federal student loa…