Educator Preparation Reform Act This bill modifies federal grants and requirements for educator preparation programs. Specifically, the bill revises the Teacher Quality Partnership Grant program to require a partnership (e.g., a high-need local educational agency or school and an institution of higher education) to use grant funds to carry out a program for the pre-baccalaureate or post-baccalaureate preparation of teachers, a teaching or principal residency program, or a combination of such programs. Currently, such grants must be used for programs specific to teachers. A partnership may also use funds to carry out other educator development programs, including programs for school librarians, counselors, and paraprofessionals. The bill further revises requirements for teacher residency programs and prescribes requirements for the establishment of principal residency programs. A partnership carrying out a principal residency program must perform activities for high-need schools. The bill revises requirements for state reporting on the quality of teacher preparation programs and specifies that a state must conduct an assessment to identify at-risk and low-performing teacher preparation programs as a condition of receiving certain federal funds. It also modifies student eligibility for the Teacher Education Assistance for College and Higher Education (TEACH) Grant program.