College Access and Opportunity Act of 2007

College Access and Opportunity Act of 2007 - Amends the Higher Education Act of 1965 (HEA) to revise and reauthorize appropriations for HEA programs.

Establishes a single definition of institutions of higher education (IHEs) for purposes of their participation in all HEA programs, including title IV student aid programs. Allows IHEs to enroll students who are also enrolled in secondary school.

Revises higher education consumer information and public accountability requirements.

Imposes educational loan disclosure requirements on lenders and IHEs.

Replaces the Teacher Quality Enhancement Grants for States and Partnerships program under title II with a new Teacher Quality Partnership grant program for partnerships of high-need local educational agencies (LEAs), high-need schools, IHEs, and public or private educational organizations.

Repeals part B (Preparing Tomorrow's Teachers to Use Technology) of title II.

Creates a new title II: (1) Teacher Incentive Fund program to assist states, LEAs, and nonprofit organizations in implementing comprehensive performance-based compensation systems for teachers and principals; and (2) National Teacher Corps grant program to recruit, select, train, and support college graduates as new teachers for high-need LEAs.

Revises and reauthorizes title III Institutional Aid programs providing grants to IHEs serving high percentages of minority and low-income students.

Revises and reauthorizes title IV Student Assistance programs.

Increases the maximum Pell grant and allows year-round grants.

Makes homeless or unaccompanied youth eligible to participate in the TRIO and Gear UP programs.

Turns the Robert C. Byrd Honors Scholarship program into: (1) scholarship and loan forgiveness programs for mathematics and science students; and (2) an adjunct teacher corps program to recruit and place secondary school mathematics, science, and critical foreign language teachers.

Repeals the Learning Anywhere Partnerships program.

Provides student loan forgiveness under the Federal Family Education Loan (FFEL) program for service in areas of national need.

Prohibits certain business arrangements and inducements between lenders, guaranty agencies, and IHEs.

Requires the development of simplified paper and electronic student aid application forms.

Increases the institutional and financial aid information which IHEs must provide to current and prospective students.

Establishes a college affordability demonstration program for innovations in the delivery of higher education and student aid that reduce costs for students and IHEs.

Requires all IHEs (currently, only for-profit IHEs) to have at least 10% of their revenues from sources other than title IV funds.

Revises IHE accreditation requirements.

Revises and reauthorizes the title V Developing Institutions grant program for Hispanic-serving institutions. Establishes a new grant program for graduate programs at such institutions.

Revises and reauthorizes title VI International Education programs.

Establishes under title VI: (1) a grant program for partnerships of IHEs and LEAs that establish articulated programs of study in critical-need foreign languages; and (2) an independent International Higher Education Advisory Board within the Department of Education.

Revises and reauthorizes title VII Graduate and Post-Secondary Improvement programs.

Establishes a new Fund for the Improvement of Postsecondary Education program providing scholarships to the family members of veterans and military personnel.

Eliminates the Urban Community Service grant program.

Revises and reauthorizes various programs under the Education of the Deaf Act of 1986 and the Tribally Controlled College or University Assistance Act of 1978.

Reauthorizes the Underground Railroad Educational and Cultural program under the Higher Education Amendments of 1998.

Reauthorizes the Tribal Economic Development and Technology Related Education Assistance Act of 1990.

Reauthorizes appropriations under the Navajo Community College Act and the (Higher) Education Amendments of 1992 for construction grants and Olympic Scholarships, respectively.