Strategic Technology/Engineering Program Act of 2007 or the STEP Act - Amends the Higher Education Act of 1965 to authorize the Secretary of Education to award renewable one-year STEP scholarships to students who pursue undergraduate or graduate degrees in engineering, technology, applied sciences, mathematics, or similar fields.
Authorizes the Secretary to provide student loan forgiveness to borrowers under the Federal Family Education Loan and Direct Loan programs who agree to remain employed as engineers for at least eight years and obtain licensure as professional engineers within eight years of obtaining a degree.