A bill to establish the Senator Paul Simon Study Abroad Foundation under the authorities of the Mutual Educational and Cultural Exchange Act of 1961.

Senator Paul Simon Study Abroad Foundation Act of 2007 - Establishes in the executive branch the Senator Paul Simon Study Abroad Foundation to carry out this Act under the authorities of the Mutual Educational and Cultural Exchange Act of 1961. Requires the Foundation to award grants, increasingly for study in nontraditional study abroad destinations, to: (1) U.S. students; (2) nongovernmental institutions that provide and promote study abroad opportunities for U.S. students, in consortium with institutions of higher education (IHEs); and (3) IHEs, individually or in consortium.