Reliable and Accurate Graduation Rate Act - Amends the Elementary and Secondary Education Act of 1965 to require states that receive school improvement funds under part A of title I to calculate graduation rates by dividing the number of students in schools or local educational agencies who receive a regular diploma by the number of first time ninth-grade students who enrolled four years earlier, taking into account student transfers, recently arrived limited English proficient students, students who enroll in an early college high school, and disabled students who require an extra year to receive a diploma.
Allows states to publish and report additional completion measures for those students who completed high school or some equivalent measure in more than four years.