Postsecondary Education Consumer Protection Act

[AI summary unavailable — showing source text] Postsecondary Education Consumer Protection Act - States that the purpose of this Act is to provide protection for students, consumers, and legitimate postsecondary educational institutions against substandard or fraudulent practices. Defines the term "federally recognized approving entity" as an entity relied upon by any Federal officer or agency in connection with a program: (1) of Federal assistance to postsecondary educational institutions by way of grants or contracts, loans, or loan insurance or guarantee; (2) of Federal assistance to students at postsecondary educational institutions by way of grants; loans, loan insurance or guarantee, or work programs; or (3) under which continuation of Federal payment is conditioned on attendance at a postsecondary educational institution approved or accredited by an approving entity. Directs the Secretary of Health, Education, and Welfare, through the Advisory Committee on Accreditation and Institutional Eligibility, to conduct a study of the operation and effectiveness of the various federally recognized approving entities. Requires the Secretary to make such interim reports of his activities, findings, and recommendations as he may dee…