Higher Education Innovation Act This bill establishes 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 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.