To study, pilot, and implement a comprehensive, structural, market-based reform to the Federal Family Education Loan Program to reduce costs to taxpayers and improve program efficiency.

Student Loan Auction Market Act - Directs the Secretary of Education (Secretary) and the Secretary of the Treasury to conduct a planning study of alternative market-based mechanisms for setting lenders' yields on Federal Family Education Loans under part B of title IV of the Higher Education Act of 1965.

Requires such study to be followed by a limited two-year pilot program testing the mechanisms which the study finds most promising in ensuring loan availability, minimizing administrative complexity, and reducing federal costs. Allows the Secretary to implement on a program-wide basis the auction-based system proven to satisfy such criteria, after an independent evaluation by the Government Accountability Office (GAO) of the pilot program, as well as the Competitive Loan Auction Pilot program established under the College Cost Reduction and Access Act.