Affordability in Higher Education Act of 2003 - Amends the Higher Education Act of 1965 (HEA) to establish: (1) a College Affordability Index for consumer information and public accountability in higher education; (2) a College Affordability Demonstration Program for supporting innovative approaches to higher education; and (3) requirements, as conditions of participation in HEA student aid programs, for institutions of higher education and accrediting agencies with respect to acceptance of transfers of student credits. Expresses the sense of Congress with respect to reducing the administrative and regulatory burden of Federal student financial assistance programs on institutions and such burden's impact on their tuition and fees.