Higher Education Innovation Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish an alternative authorization process for institutions of higher education (IHEs) and other education providers to participate in federal student aid programs. The Department of Education must approve innovation authorizers to authorize IHEs or other education providers that: promote student success outcomes and cost-effectiveness, agree to outcome-based oversight and reporting requirements, meet performance metrics, and comply with other specified requirements. Authorization by an innovation authorizer is deemed recognized accreditation for purposes of participation in title IV federal student aid programs. An IHE or education provider may be both accredited by a recognized accrediting agency and authorized by an innovation authorizer, if it meets the requirements of both.