Common Sense Opportunities Act This bill amends the Higher Education Act of 1965 to require the Department of Education (ED) to inform each entity operating programs under the federal TRIO programs (programs designed to identify and provide services for students from disadvantaged backgrounds) of the status of their application for continued funding at least four months (currently eight) prior to the expiration of the funding. The bill establishes a process for applicants to resubmit an application for a grant or contract for higher education resources or student assistance when the application contains a technical error. The bill prohibits ED from rejecting an application solely because it contains a technical error, unless ED notifies the applicant of the error and the applicant does not correct it by the resubmission deadline. ED must submit an annual report that: (1) identifies each entity that received a grant or contract for higher education resources or student assistance and indicates the amount of the grant or contract; and (2) identifies each entity that applied for, but did not receive, such grant or contract and indicates the reason for the rejection of the application. ED must set forth the information separately for each state and local educational agency in the report.