Student Records Protection Act This bill revises the requirements for an accrediting agency to be recognized by the Department of Education (ED) as a reliable authority on the quality of education being offered at an institution of higher education (IHE). It also requires an IHE to establish a records management plan for accreditation purposes. Specifically, an accrediting agency must require an IHE to submit for approval a records management plan upon notification by the IHE that it intends to cease its operations. The plan must include a plan for the custody, continued access, and disposition of student records (e.g., student transcripts, billing, and financial-aid records). Further, the IHE must submit the plan to ED. Under current law, an IHE must be accredited by an accrediting agency to participate in federal student-aid programs.