Elevating Educator Preparation Through Innovation Act of 2017 This bill amends title II (Teacher Quality Enhancement) of the Higher Education Act of 1965 to revise provisions related to the Teacher Quality Partnership grant program. Specifically, the bill: modifies requirements regarding which types of entities must, or may, be included in a grant-eligible partnership; eliminates the requirement that a teaching residency program must culminate in the attainment of a master's degree; and expands the purposes for which grant funds may be used.