Selected Reserve Education Enhancement Act - Directs the Secretary of Defense (DOD), each fiscal year, to provide an increase in the rates of educational assistance payable to certain members of the Selected Reserve which is not less than the percentage by which the average cost of undergraduate tuition in the United States for the last academic year exceeds the average cost of such tuition for the year before that academic year. (Currently, such percentage increase is based on increases in the Consumer Price Index over such period.)