1. Short title This Act may be cited as the Student Protection and Success Act . 2. Institutional ineligibility based on low cohort repayment rate (a) In general Section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ) is amended by adding at the end the following: (r) Ineligibility due to low cohort repayment rate (1) In general Beginning with fiscal year 2022 and each succeeding fiscal year, an institution that has a cohort repayment rate that is equal to or less than 15 percent shall not be eligible to participate in a program under this part for such fiscal year and for the 2 succeeding fiscal years. (2) Appeals (A) In general An institution may appeal the loss of eligibility under this subsection to the Secretary within 30 days of receiving notification from the Secretary of the loss of eligibility under this subsection. (B) Continued participation During an appeal under subparagraph (A), the Secretary may permit the institution to continue to participate in a program under this part if the institution demonstrates to the satisfaction of the Secretary that the Secretary's calculation of its cohort repayment rate is not accurate, and that recalculation would increase its cohort repayment rate to be more than 15 percent. (C) Required payment If an institution continues to participate in a program under this part, and the institution's appeal of the loss of eligibility is unsuccessful, the institution shall be required to pay to the Secretary an amount equal to the amount of loans made by the Secretary under this part to borrowers attending, or planning to attend, that institution during the pendency of such appeal and the interest, special allowance, reinsurance, and any related payments made by the Secretary (or which the Secretary is obligated to make) with respect to such loans. (3) Cohort repayment rate (A) In general In this subsection, the term cohort repayment rate means, for any fiscal year beginning with fiscal year 2022— (i) in the case in which 30 or more borrowers at the institution