Supporting Mentors, Supporting Our Youth Act of 2008 - Amends the Higher Education Act of 1965 to provide student loan forgiveness or cancellation under the Federal Family Education Loan or Direct Loan programs to student borrowers at institutions of higher education who volunteer to mentor an at-risk child for a period of at least one year.
Provides $10 of loan forgiveness or cancellation for each hour of mentoring, but limits such forgiveness or cancellation to no more than $10,000 and no more than five years of mentoring for each borrower.