Patsy T. Mink Fellowship Act of 2007 - Amends the Higher Education Act of 1965 to establish the Patsy T. Mink Fellowship program.
Directs the Secretary of Education to make grants to institutions of higher education (IHEs) to award fellowships to minorities and women seeking terminal master's degrees or doctorate degrees in academic areas in which such individuals are underrepresented for the purpose of entering the higher education professoriate.
Requires fellowship recipients to teach, for a period equivalent to their fellowship period, at IHEs with graduate programs.
Directs the Secretary, to the extent practical, to provide at least 50% of the grant funds to minority-serving IHEs or consortia that include such IHEs.