Nurse Loan Forgiveness Act of 2007 - Amends the Higher Education Act of 1965 (HEA) to include, under HEA student loan forgiveness and cancellation programs, nurses who: (1) serve at least one calendar year in an approved health care facility or setting; or (2) have a Masters of Science in Nursing and are nursing instructors in a school of nursing.
Limits the maximum amount of such loan repayment by the Secretary of Education to $2,000 after the first year of a nurse's employment, with incremental increases after the second through fourth years, up to $5,000 after the fifth year.