21st Century GI Bill of Rights Act of 2007 - Entitles to basic educational assistance under the Montgomery GI Bill certain members of the Armed Forces or reserves who, after September 11, 2001: (1) are deployed overseas; or (2) serve for an aggregate of at least two years or, before such period, are discharged due to a service-connected disability, hardship, or certain medical conditions. Entitles such individuals to 36 months of educational assistance. Authorizes: (1) specialized training and certification programs for veterans with service-connected disabilities; and (2) payments for tutorial assistance and licensure and certification tests. Requires (with exceptions) the use of such assistance within ten 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.
Directs the Secretary of Veterans Affairs to increase the maximum guaranty amount under the veterans' home loan program with respect to residences of a particular size in an area for which the median price for such size exceeds the normal guaranty maximum.
Repeals the home loan guaranty fees charged to veterans.
Amends the Small Business Act relating to the microloan program to authorize small business loans to veterans in amounts up to $100,000 at an interest rate of no more than 2.5%.