Higher Education Reform and Opportunity Act of 2017 This bill amends the Higher Education Act of 1965 to make postsecondary education courses and programs, such as apprenticeship programs, that provide credits toward a postsecondary certification, credential, or degree eligible for federal student aid funding if the programs and courses are accredited by a state that has an alternative accreditation agreement with the Department of Education. The bill consolidates federal student loans into one student loan program and revises loan forgiveness for borrowers. An institution that receives federal student aid funding must pay a default rate fine that is based on the default rate of loans made to its students.