College Affordability and Creating Chances for Educational Success for Students Act of 2007

[AI summary unavailable — showing source text] College Affordability and Creating Chances for Educational Success for Students Act of 2007 - College ACCESS Tax Credit Act - Amends the Internal Revenue Code to replace the Hope Scholarship Credit and the tuition and related expenses deduction with a refundable College Affordability and Creating Chances for Educational Success for Students (ACCESS) tax credit. Sets the maximum yearly credit at $3,000 and the maximum lifetime credit for undergraduate and graduate education at $12,000 and $6,000, respectively. Requires annual inflation adjustments to such amounts. Amends the Higher Education Act of 1965 to authorize an Early Federal Pell Grant Demonstration Program. Directs the Secretary of Education to award grants to four states to cover administrative expenses incurred in the program. Limits a state to a cohort of up to 10,000 of its eighth grade students who are eligible for a free or reduced price meal under the Richard B. Russell National School Lunch Act or the Child Nutrition Act of 1966. Provides for a cohort for each of the academic years 2007-2008 and 2008-2009. Declares that each student who participates in the demonstration project receives a commitment to receive a Pel…