Pell Grant Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the maximum Federal Pell Grant for which a student may be eligible for an award year at a specified amount, increased for inflation each year, plus any additional amount specified in the last enacted appropriation Act applicable to that award year.
Appropriates for FY2015 and each succeeding fiscal year such sums as may be necessary to provide, in combination with any amounts separately appropriated for the additional Pell Grant amount, each eligible student with the maximum Pell Grant amount, minus the student's expected family contribution. (This converts the Pell Grant program into a mandatory spending program.)
Directs the Secretary of Education to award an additional Pell Grant to an eligible student who: (1) has received a Pell Grant for an award year, and (2) is enrolled in a program of study for one or more additional payment periods during the same award year that are not otherwise covered by the Pell Grant.
Permits the total amount of the Pell Grants awarded to such student for the award year to exceed the total maximum Pell Grant for such award year.