Fairness for America's Servicemen and Women in Higher Education Act of 2003

Fairness for America's Servicemen and Women in Higher Education Act of 2003 - Amends the Higher Education Act of 1965 (HEA) to revise title IV student loan and grant assistance repayment provisions with respect to individuals who serve on active duty during a war or national emergency.

Exempts students who withdraw from higher education institutions to serve on active duty during a war or national emergency from requirements to repay certain title IV grant assistance.

Defers repayments of principal, and directs the Secretary of Education to make interest payments, on specified types of student loans during a war or national emergency when a borrower is: (1) a member of a regular component on active duty, and receives specified compensation; (2) on active duty, regardless of the location at which such active duty service is performed; or (3) on full-time National Guard duty under a call to active service for a period of more than 30 consecutive days to respond to a national emergency.