Higher Education Fairness Act of 1997

Higher Education Fairness Act of 1997 - Amends the Higher Education Act of 1965 to revise certain need analysis formulas for student assistance.

Requires deduction of the amount of the new Hope Scholarship and Lifetime Learning education expense tax credits taken under the Internal Revenue Code, as amended by the Taxpayer Relief Act of 1997 (Public Law 105-34), in calculating family available income for determination of expected family contribution (for all dependent and all independent students). (Defines such tax credits as excludable income, not to be treated as estimated financial assistance, for student assistance calculation purposes.)

Increases the amounts of income protection allowances for dependent students and for independent students without dependents other than a spouse.