Military Educational Parity Act of 2007 - Amends the Higher Education Act of 1965 to require institutions of higher education, as a condition of their participation in the student aid program, to grant students who are called or ordered to active duty a military leave of absence while serving on active duty and for one year after conclusion of such service.
Entitles students receiving such leave, upon release from active duty, to be restored to prior educational status attained without loss of academic credits earned, scholarships or grants awarded, or tuition or fees paid, unless those have been refunded. Requires institutions to give such students certain refunds of tuition or fees paid prior to active duty.
Includes as active duty, in the case of National Guard members, active state duty. Excludes training or attendance at a service school from treatment as active duty.