Veterans Higher Education Opportunity Act - Amend title IV (Student Assistance) of the Higher Education Act of 1965 to establish what is to be considered a year of service for determining the percentage of an individual's Federal Perkins Loan that is to be cancelled for military service that qualifies for special pay for occurring in an area of hostilities.

Defines such individual's "year of service" as a qualified tour of duty that: (1) lasted at least six months, or (2) lasted less than six months because the member was discharged or released from active duty due to an injury or disability incurred in or aggravated by the member's military service.