Higher Education Affordability, Access, and Opportunity Act of 2004

Higher Education Affordability, Access, and Opportunity Act of 2004 - Amends the Higher Education Act of 1965 to direct the Secretary of Education to carry out a student loan program for workforce development for high-growth occupations or industries.

Authorizes the Secretary to make grants for: (1) job skill training in high-growth occupations or industries, to partnerships of community colleges and workforce investment boards; and (2) training and job skills for small business owners or operators, to partnerships of institutions of higher education (IHEs) and entities that help small business development.

Prohibits, under the student loan program, IHEs and accrediting agencies and associations from restricting transfer of credits in specified ways.

Requires studies and dissemination of comparative data on college costs and related matters.

Revises teacher quality enhancement grants, with respect to high-need local educational agencies and eligible partnerships.

Allows States to submit applications, under the leveraging educational assistance partnership program, with philanthropic organizations and public or private IHEs.