Montgomery GI Bill for Life Act of 2007 - Provides that, if an individual eligible for educational assistance under the Montgomery GI Bill is enrolled in an educational institution and the period of such individual's entitlement (ten years after discharge or release from active duty) would expire during a term, quarter, or semester of enrollment, that period shall be extended to the end of that term, quarter, or semester. Allows such an extension until the later of the end of the course or 12 weeks, in the case of an educational institution not regularly operated on a quarter or semester basis.
Repeals the: (1) 14-year (after first becoming entitled) limit on the use of educational assistance by members of the Selected Reserve; and (2) ten-year limit on the use educational assistance by members of the Ready Reserve who are separated due to disability after supporting contingency and certain other operations.