Protections for Student Veterans Act This bill authorizes service members who are utilizing Department of Veterans Affairs (VA) educational assistance benefits to withdraw or take a leave of absence after they receive orders for active service, inactive-duty training, or state active duty and addresses matters related to VA educational assistance for flight training. Institutions of higher education are prohibited from taking adverse actions (e.g., assigning a failing grade) against such service members for withdrawing or taking a leave of absence. The bill requires institutions of higher education to refund all tuition and fees (including for housing) for the academic term for which the service member withdraws. In situations where the service member takes a leave of absence, the institution of higher education must assign a grade of incomplete for the applicable term and permit the member to complete the academic term after the period of service. The bill adjusts requirements related to utilizing VA educational assistance for flight training purposes, including by removing the requirement that an individual must possess a valid private pilot certificate and meet certain medical requirements to utilize such assistance. Individuals enrolled in a program of education at an institution of higher learning in which flight training is required may elect to receive accelerated payments of tuition and fees if they also elect to receive educational counseling. The bill also specifies the calculation and determination of such fees, as well as the calculation of available entitlement in cases of accelerated payments.