GEAR UP Enhancement Act of 2007 - Amends the Higher Education Act of 1965 to revise the Gaining Early Awareness and Readiness for Undergraduate Program (GEAR UP) created to facilitate the transition of low-income high school students into postsecondary education.
Establishes a seven year GEAR UP grant period.
Requires grantees to provide services to students through their first year of postsecondary education.
Revises GEAR UP matching requirements to allow: (1) matching funds to accrue over the duration of a grant; (2) grantees to request that the match be reduced; and (3) each non-federal dollar obligated for student financial aid to be treated as two dollars toward the match.
Expands permissible uses of grant funds to include promoting student financial and economic literacy and facilitating family and community involvement in the program. Permits state grantees to use program funds for technical assistance to middle or secondary schools or partnership grantees located in the state.
Provides that GEAR UP scholarships are to supplement aid to which students are already eligible. Alters the formula used in determining the minimum GEAR UP scholarship to factor in the minimum, rather than maximum, Pell Grant.
Reauthorizes GEAR UP appropriations through FY2014.