Alright so I decided to play on my Squier Strat for the first time since I got my new guitar, and I noticed that when I bend on the 15th fret on the high e, the sound gets cut off but when I release the bend it comes back. There is no other fret that does this, and I have changed strings.
Granted that it is a cheap guitar, so something like this doesn't surprise me all that much but anyone know something that could possibly fix this?
That's called fretting out, when one fret is higher than another.

You can take it to a tech, an easy job. You CAN do it yourself, but tools required will cost you a lot.

Another fix is to simply raise the action
Hmm, not too sure if it would be worth investing too much money into since it isn't my main guitar but thanks for the answer. I suppose that the condition of the guitar will get worse if I don't repair it?

I have a workshop at my house, but it is more for wood working than guitar related tools, would I still be able to fix it at my house?
You have at least one fret that's a bit high. Take it to a tech.

If your particular guitar has a 7.25" radius, that could be an issue, but anything larger should be fine for bending.