State Loan Access and Student Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to exempt certain state education loans from the requirement that when an institution of higher education (IHE) recommends, promotes, or endorses such loans, there need to be at least two unaffiliated lenders of those loans on the school's preferred lender list.

Conditions that exemption on the IHE:

• only recommending, promoting, or endorsing such loans by providing students and families with information about the loans and providing financial aid packages that include such loans to students who have previously been awarded such loans;
• using a form, to be developed by the Secretary of Education, to disclose the terms and conditions of such loans to borrowers and compare them to the terms and conditions of Direct loans under part D (William D. Ford Federal Direct Loan Program) of title IV;
• placing such loans on their preferred list only if the loans' terms and conditions are at least as favorable as the terms and conditions on Direct loans; and
• prominently disclosing to borrowers the methods and criteria it used in deciding to recommend, promote, or endorse such loans.