Higher Education Reform and Opportunity Act This bill revises requirements governing the financing and accreditation of institutions of higher education (IHEs). Specifically, the bill makes postsecondary education courses and programs (e.g., apprenticeship programs) that provide credits toward a postsecondary certification, credential, or degree eligible for federal student aid funding if the programs and courses are accredited by a state that has an alternative accreditation agreement with the Department of Education (ED). The bill requires IHEs to publish certain enrollment and financial aid information, such as (1) the percentage of former financial aid recipients who are employed at various intervals following graduation, and (2) the average amount of total federal student loan debt accrued upon graduation. The Government Accountability Office must compile and study all such information published by IHEs and submit a report containing the results. Further, the bill prohibits the disclosure of personally identifiable information and directs ED to establish penalties for violations. Additionally, the bill consolidates federal student loans into one student loan program and eliminates loan forgiveness for borrowers. Lastly, the bill requires an IHE to pay a default rate fine for a fiscal year in an amount that is equal to the applicable percentage of outstanding loans (i.e., the total amount of loans issued to students for attendance at the IHE for which regular on-time payments are not being made). An IHE shall receive a credit for each graduate of the IHE who received a Federal Pell Grant while enrolled at the IHE during the fiscal year.