College Access and Opportunity Act of 2004

College Access and Opportunity Act of 2004 - Amends the Higher Education Act of 1965 (HEA) to revise and reauthorize various programs.

Revises the definition of institution of higher education to repeal: (1) a requirement that for-profit institutions of higher education derive at least ten percent of their revenue from funds that do not come from HEA title IV student assistance programs (the 90/10 rule); and (2) a restriction on distance education in terms of relative number of courses an institution may offer by telecommunications, and relative number of students enrolled in such courses, for purposes of student assistance program eligibility (the 50 percent rule). Allows for-profit institutions to compete with traditional institutions in applying for campus-based aid.

Revises HEA title IV (Student Assistance) to: (1) require a variable rather than a fixed interest rate for consolidation loans; (2) reduce loan origination fees; (3) increase subsidized loan limits; and (4) modify need analysis requirements. Establishes: (1) Pell Grants Plus grants for State scholar students; (2) policies for institutions' transfer of credits; (3) a college access initiative; (4) an expanded distance education demonstration; and (5) a college affordability demonstration.

Cancels student loan indebtedness for families of 9/11 victims.

Expresses the sense of the House of Representatives that HEA titles II, VI, and VII should be amended as provided in specified bills passed by the House.

Extends authorizations of appropriations for: (1) HEA title III grants for American Indian tribally controlled colleges and universities, Alaska Native and Native Hawaiian-serving institutions, and historically Black colleges and universities; (2) HEA title IV Pell grants, TRIO, GEAR UP, supplemental educational opportunity grants, LEAP, HEP/CAMP, Byrd scholarships, child care access, Federal Family Education Loans, work-study, Direct Loans, and Perkins Loans; (3) HEA title V Developing Institutions grants for Hispanic-serving institutions; and (4) programs under the Education of the Deaf Act of 1986, Higher Education Amendments of 1998, Tribally Controlled College or University Assistance Act of 1978, Navajo Community College Act, and Education Amendments of 1992.