Accreditation Choice and Innovation Act

Accreditation Choice and Innovation Act
This bill revises the accreditation process for reviewing the quality of education offered by institutions of higher education (IHEs).
Under current law, an IHE seeking to participate in many federal programs (e.g., federal student aid programs) must be accredited by an agency recognized by the Department of Education (ED) as a reliable authority on the quality of the education being offered at the IHE. An ED-recognized accrediting agency must meet various provisions under the Higher Education Act of 1965 and in regulations.
Under this bill, states may designate an entity (e.g., an industry-specific quality assurance entity) as an accrediting agency for programs or IHEs in the state. The bill outlines the requirements for the state to submit a plan to ED and for ED to respond to the plan. 
Additionally, the bill provides an accelerated path to recognition by authorizing ED to recognize new accrediting agencies within two years of their application. 
ED must convene a panel of experts to develop common terminology for accrediting agencies to use in making accrediting decisions and publish those recommendations.
Further, the bill (1) requires accrediting agencies to establish specified standards for measures assessing student success (e.g., labor market outcomes), and (2) requires accrediting agencies to establish procedures for assessing compliance with agency standards that reflect an IHE's risk of losing accreditation.
The bill reauthorizes through September 30, 2028, and revises the National Advisory Committee on Institutional Quality and Integrity, which advises ED on matters related to accreditation.