The Higher Education Accreditation Accountability Act tightens federal oversight of how colleges switch their accrediting agencies and establishes stricter requirements for accrediting agencies themselves. Under this bill, colleges seeking to change their primary accrediting agency must submit a detailed application to the Department of Education that explains their reasons for the switch, demonstrates they have legitimate cause to change, and shows how the new agency's standards align with their mission. The Department will then publish the request for public comment, review whether the college is attempting to escape sanctions or reduce oversight, and must approve or deny the application within 90 days, with an additional 90-day extension available if needed. The bill also requires new accrediting agencies to prove they have at least two years of experience accrediting institutions before gaining federal recognition, and limits initial federal recognition of accrediting agencies to three years before they can seek the standard five-year renewal period. These requirements apply to any accrediting agency seeking recognition or renewal after the bill's enactment and any college seeking to change accreditors after that date.