Higher Education Affordability and Fairness Act

Higher Education Affordability and Fairness Act - Amends the Internal Revenue Code to allow a limited tax deduction for qualified higher education tuition and related expenses.

Provides that the increase in the Lifetime Learning Credit to 20 percent of $10,000 of tuition from $5,000 of tuition shall be effective starting in 2002 rather than 2003.

Directs the Comptroller General of the United States to conduct an annual study to examine whether the Federal income tax incentives to provide education assistance affect higher education tuition rates in order to identify if institutions of higher education are absorbing the intended savings by raising tuition rates.

Expresses the sense of the Senate that the maximum Pell Grant should be increased to $4,700 to pay approximately: (1) 20 percent of the tuition, fees, room and board, and other expenses of the average college; or (2) the tuition and fees of the average public college.