Military and Veterans Education Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require proprietary institutions of higher education to derive at least 10% of their revenue from sources other than title IV or federal educational assistance programs for military personnel and veterans, or become ineligible for title IV funding and participation in those programs. (Currently, this 90/10 rule requires these schools to derive at least 10% of their revenue from sources other than title IV or become ineligible for title IV funding.)