To amend the Higher Education Act of 1965 to require accrediting agencies and associations to comply with due process throughout the accreditation process, and for other purposes.

Amends the Higher Education Act of 1965 to revise due process standards governing the accreditation process of educational institutions.

Requires accrediting agencies and associations to provide educational institutions with: (1) written notice of deficiencies and a reasonable time period to correct such deficiencies; (2) advance notice of any adverse action and an opportunity for a hearing; and (3) a right to appeal an adverse action to an independent and impartial arbitration panel.

Requires accrediting agencies and associations to: (1) ensure consistent application of accreditation standards to an educational institution's governing board in receivership; and (2) allow public access to meetings involving accreditation recommendations.

Authorizes the Secretary of Education to issue regulations to further define due process requirements for the accreditation process.