Diploma Integrity Protection Act of 2006

Diploma Integrity Protection Act of 2006 - Directs the Secretary of Education to make available to the Secretary of Homeland Security and the heads of other appropriate federal agencies a list of: (1) accrediting agencies and associations recognized by the Secretary or by the Council for Higher Education Accreditation; (2) institutions of higher education eligible under the Federal Family Education Loan (FFEL) program; and (3) foreign institutions of higher education whose authority to issue degrees is accepted in their home country and that the Secretary deems to be academically equivalent to FFEL participants in this country.

Conditions a school's eligibility for student assistance funding under title IV of the Higher Education Act of 1965 on its providing notice on its internet website of its recognition by the Secretary as a legitimate degree-granting institution for immigration and federal employment purposes. Requires an accreditation agency or association to be on such list for its authority to be recognized for any federal purpose.

Requires the Secretary to establish the Diploma Mill Task Force to develop: (1) guidelines for distinguishing between legitimate and fraudulent degree-granting institutions for federal purposes; (2) a strategic diploma integrity protection plan to address the sale and use of fraudulent degrees; and (3) legislative language to effectuate such plan.

Directs the Federal Trade Commission to define as an unfair and deceptive act or practice: (1) the offering of a degree by an entity that is not recognized as a legitimate degree-granting institution in accordance with the Task Force's guidelines; or (2) the issuing of any accreditation by an entity not recognized by the Secretary, any other appropriate federal agency, the Council for Higher Education Accreditation, or, in the case of a foreign entity, by the appropriate agency in its home country.

Requires the Secretary to study: (1) both legitimate and fraudulent degree-granting institutions that are not properly accredited; and (2) steps taken by the Secretary to repair vulnerabilities of the FFEL program to fraudulent degree-granting institutions.