Early Educator Loan Forgiveness Act of 2007 - Amends the Higher Education Act of 1965 to replace the loan forgiveness demonstration program for child care providers with a program providing student loan forgiveness or cancellation under the Federal Family Education Loan or Direct Loan programs to borrowers who are employed for at least five consecutive complete school years as early childhood educators who work directly with children in eligible preschool or early childhood education programs in low-income communities.
Requires such educators to have completed a baccalaureate or advanced degree in early childhood development, early childhood education, or in a field related to early childhood education.
Limits such forgiveness or cancellation to no more than $5,000 of the borrower's loan outstanding upon completion of five years of service.