Preparing, Recruiting, and Retaining Education Professionals Act of 2004

Preparing, Recruiting, and Retaining Education Professionals Act of 2004 - Amends the Higher Education Act of 1965 (HEA) to reauthorize and revise title II part A provisions for teacher quality enhancement grants for States and partnerships (II-A).

Revises State grant, partnership grant, and recruitment grant requirements to include provisions relating to: (1) early childhood education; (2) exemplary, highly competent, and highly qualified teachers as these are defined under the Elementary and Secondary Education Act of 1965; (3) teacher mentoring; (4) professional development; (5) parental involvement; and (6) high-need schools and local educational agencies.

Requires States to submit teacher quality plans.

Authorizes the Secretary of Education to award grants to institutions of higher education that are II-A partner institutions to create Academies for Faculty Excellence.

Extends the authorization of appropriations for II-A through FY 2010.