Protect Student Borrowers Act of 2019 This bill requires institutions of higher education (IHEs) to assume some of the risk of default for federal student loans. IHEs must remit risk-sharing payments, based on the amount of defaulted student loans, if 33% or more of their enrolled students have student loans. The Department of Education may reduce or waive the payments under certain circumstances. The proceeds from the payments must be used for reducing student loan debt, delinquency, or default and increasing Pell grants at IHEs with low default rates that enroll a high percentage of Pell Grant recipients.