Mentor-Mentee Teen Pregnancy Reduction Act of 2008 - Amends title V (Maternal and Child Health Services) of the Social Security Act to direct the Secretary of Health and Human Services to award competitive grants to local educational agencies or community-based organizations for the creation of school-based programs that provide mentoring to at-risk teenage girls to prevent and reduce teen pregnancy.
Requires program mentors to be women who: (1) have received at least a baccalaureate degree from an institution of higher education; (2) are mentoring no more than two program mentees; and (3) are trained and screened to encourage mentees to engage in responsible, goal-orientated behavior, delay their sexual activity, and increase their participation in school.
Authorizes the Secretary to provide student loan forgiveness, under the Federal Family Education Loan, Direct Loan, or Perkins Loan programs of the Higher Education Act of 1965, to program mentors who serve for at least 200 hours in an academic year.