Preparing, Recruiting, and Retaining Education Professionals Act of 2007

Preparing, Recruiting, and Retaining Education Professionals Act of 2007 - Amends the Higher Education Act of 1965 (HEA) to reauthorize and revise title II part A requirements for teacher quality enhancement grants for states and partnerships (II-A).

Revises state grant, partnership grant, and recruitment grant requirements to include requirements relating to: (1) early childhood education; (2) exemplary, highly competent, and highly qualified teachers as these are defined under the Elementary and Secondary Education Act of 1965; (3) teacher mentoring; (4) professional development; (5) parental involvement; and (6) high-need schools and local educational agencies. Revises requirements for peer review panel grant evaluation and for teacher preparation program accountability.

Requires states to submit teacher quality plans.

Authorizes the Secretary of Education to award grants to institutions of higher education that are II-A partner institutions to create Academies for Faculty Excellence.