Affordable College Education Act of 2003 - Amends the Internal Revenue Code, with respect to the deduction for higher education and related expenses to: (1) revise the definition to make it a deduction for qualified higher education expenses (currently, it is a deduction for qualified tuition and related expenses); (2) repeal the dollar limitations; and (3) repeal the termination of the deduction.Removes, with respect to the deduction for interest on education loans, the dollar limitations.