Returning Soldiers' Bill of Rights Act

Returning Soldiers' Bill of Rights Act - Entitles to basic educational assistance under the Montgomery GI Bill a member of the Armed Forces or reserves who, on or after September 11, 2001, serves at least six months of active duty in support of a contingency operation and, after completion of such duty, is discharged or released under honorable conditions or for a service-connected disability, preexisting medical condition, hardship, or certain physical or mental conditions. Entitles such individuals to 36 months of educational assistance. Allows such assistance to be used for: (1) pursuit of a program of education while on active duty; (2) programs of education pursued on a less-than-half-time basis; (3) apprenticeship or other on-job training; (4) correspondence courses; (5) flight training; (6) tutorial assistance; and (7) licensure or certification tests.

Makes individuals entitled to such assistance eligible for supplemental educational assistance for additional service.

Allows individuals entitled to such assistance to: (1) transfer such entitlement to a spouse, one or more children, or a combination thereof; or (2) apply such assistance to the repayment of federal student loans.

Requires (with exceptions) the use of such assistance within twenty years after the individual's last discharge or release from active duty.

Requires individuals eligible under both the above program and the regular Montgomery GI Bill educational assistance program to elect one program for participation.

Repeals the home loan guaranty fees charged to veterans.

Directs the Secretary of Veterans Affairs to provide to each individual entitled to assistance under this Act a readjustment housing allowance of up to $6,000.

Authorizes appropriations for FY2009-FY2012: (1) for veterans' employment and training programs; and (2) to carry out the Service Members Occupational Conversion and Training Act.