Senator Paul Simon Study Abroad Foundation Act of 2007 - Establishes in the executive branch the Senator Paul Simon Study Abroad Foundation to carry out this Act.
Requires the Foundation to award grants, increasingly for study in nontraditional study abroad destinations, to: (1) U.S. students; (2) nongovernmental institutions that provide and promote study abroad opportunities for U.S. students, in consortium with institutions of higher education (IHEs); and (3) IHEs, individually or in consortium.
Expresses the sense of Congress that the Foundation should: (1) award up to 25% of such grants to such U.S. students and at least 75% of them to such institutions; and (2) ensure that at least 85% of the amount awarded to such institutions is used to award scholarships to students.
Requires the Comptroller General, within two years after enactment of this Act, to review and report to the Secretary of State (in the capacity of the Secretary as Chairperson of the Board of the Foundation) and to specified congressional committees on the operations of the Foundation.
Authorizes appropriations.
States that such amounts are in addition to those authorized for educational exchange programs, including the J. William Fulbright Educational Exchange Program and the Benjamin A. Gilman International Scholarship Program, administered by the Bureau of Educational and Cultural Affairs of the Department of State.