Rural Teacher Retention Act of 2007 - Directs the Secretary of Education to establish a five-year pilot program awarding competitive grants to no more than 10 states to enable them to award salary bonuses to highly qualified teachers or highly qualified special education teachers who teach, or commit to teach, for at least three academic years, in an elementary or secondary school served by the same rural local educational agency (LEA), including one that serves a high number or percentage of children who are Native Hawaiian.
Awards such grants on the basis of the needs of a state's rural LEAs for recruiting and retaining such teachers. Requires that, in determining such needs, the Secretary consider: (1) a rural LEA's eligibility for assistance under part B (Rural Education Initiative) of title IV of the Elementary and Secondary Education Act of 1965; (2) a rural LEA's service of low-income, limited English proficient, migrant, Indian, or disabled students; and (3) the state's long-term plans for recruiting and retaining such teachers in its rural LEAs.
Requires the Secretary to track and assess the implementation and effectiveness of each project funded under this Act..