Student Veterans' College Affordability Act of 2008 - Amends federal veterans' benefits provisions to entitle to educational assistance under the Montgomery GI Bill certain individuals who serve on active duty in the Armed Forces (including the reserves) on or after September 11, 2001. Establishes the duration of such assistance (in most cases 36 months) and assistance amounts. Requires programs of education pursued with such assistance to be approved by the Secretary of Veterans Affairs. Allows for the pursuit of an approved program of education while on active duty. Allows, under such assistance, for the pursuit of: (1) programs on less than a half-time basis; (2) apprenticeship or other on-job training; (3) correspondence courses; (4) flight training; (5) tutorial assistance; and (6) licensure and certification tests.
Authorizes the provision of supplemental veterans' educational assistance for additional service above the qualifying amount for basic educational assistance.
Directs the Secretary to carry out a program under which colleges and universities can voluntarily contribute a portion of the educational assistance costs for veterans attending such college or university, which contributions shall be matched by the Secretary.
Terminates the educational assistance authorized under this Act 15 years after the qualifying individual's last discharge or release from active duty. Bars the duplication of educational assistance benefits. Directs the Secretary to inform individuals of their entitlement to assistance provided under this Act.
Allows individuals currently under the Montgomery GI Bill educational assistance program to elect to participate in the post-9/11 educational assistance program with respect to any unused entitlement.
Amends the Higher Education Act of 1965 to prohibit educational assistance provided under specified benefit programs for veterans and members of the Selected Reserve from being considered in analyses of their need for assistance under title IV (Student Assistance) of the Act.