Preventing Student Loan Discrimination Act - Amends the Higher Education Act of 1965 to prohibit lenders under the Federal Family Education Loan (FFEL) program from receiving special allowance payments (made to such lenders to compensate them for the difference between FFEL interest rates and market rates) if they deny FFELs to eligible borrowers because of their race, sex, color, religion, national origin, age, disability status, income, attendance at a particular school participating in the FFEL program, education program length, or academic year in school.