Universal Higher Education and Lifetime Learning Act of 2007 - Amends the Internal Revenue Code of 1986 to replace the Hope Scholarship and Lifetime Learning Tax Credits with a partially refundable Higher Education Tax Credit covering: (1) up to 50% of a taxpayer's higher education expenses for a taxable year that do not exceed $3,000; and (2) up to 30% of such expenses between $3,000 and $8,000.
Sets a lifetime credit limitation of $12,000 per student.
Applies the credit to no more than two years of graduate education.
Repeals the tax deduction for qualified tuition and related expenses.
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