Protecting Financial Aid for Students and Taxpayers Act - Amends the Higher Education Opportunity Act to prohibit postsecondary educational institutions from using revenues derived from federal educational assistance funds for: (1) advertising and promotion; (2) identifying and attracting prospective students; or (3) other activities the Secretary of Education may proscribe, such as paying for the promotion or sponsorship of education or military-related associations.
Excepts from that prohibition activities that are required as a condition of receiving funds under title IV (Student Assistance) of the Higher Education Act of 1965, specifically authorized under title IV, or otherwise specified by the Secretary.