To establish the Henry Ford Scholarship program to provide scholarships to high-achieving students to pursue undergraduate degrees in mathematics, science, engineering, and health-related fields.

Summary: Henry Ford Scholarship Program Act - Authorizes the Secretary of Education to establish a program awarding scholarships to high-achieving students (to be known as "Henry Ford Scholars") who graduate from secondary school after May 1, 2007, and pursue undergraduate degrees in mathematics, science, engineering, and health-related fields at institutions of higher education.

Awards each scholarship for one academic year, but gives recipients who continue to meet scholarship eligibility criteria priority for additional one-year scholarships, for up to four years of undergraduate study.

Sets forth eligibility criteria requiring applicants to have a cumulative grade point average of at least 3.5, and family or individual adjusted gross income of less than $200,000 or $100,000, respectively.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Henry Ford Scholarship Program 
Act''.

SEC. 2. HENRY FORD SCHOLARSHIP PROGRAM.

    (a) Program Established.--The Secretary is authorized to establish 
a program, in accordance with the requirements of this Act, to award 
scholarships to high-achieving students who graduate from secondary 
school after May 1, 2007, to pursue undergraduate degrees in 
mathematics, science, engineering, and health-related fields at 
institutions of higher education.
    (b) Henry Ford Scholars.--Individuals awarded scholarships under 
this Act shall be known as ``Henry Ford Scholars''.

SEC. 3. SCHOLARSHIP AWARDS.

    (a) Scholarship Amount.--
            (1) Maximum amount.--The maximum amount of a scholarship 
        that an eligible student may receive under this section shall 
        be $5,000 for an academic year, and shall be $20,000 in the 
        aggregate.
            (2) Adjustment for insufficient appropriations.--If funds 
        available to carry out this Act for an academic year are 
        insufficient to fully fund all scholarships awarded by the 
        Secretary under this Act for such academic year, the amount of 
        the scholarship paid to each student under this Act shall be 
        reduced proportionately.
    (b) Period of Award.--Scholarships under this section shall be 
awarded for a period of one academic year, and may be renewed for 
subsequent one-year periods during the first 4 years of study at any 
institution of higher education.
    (c) Relation to Other Assistance.--Scholarships provided under this 
Act shall not be considered for the purpose of awarding Federal grant 
assistance under title IV of the Higher Education Act of 1965 (20 U.S.C 
1070 et seq.), except that in no case shall the total amount of student 
financial assistance awarded to a student under this Act and such title 
exceed such student's total cost of attendance.
    (d) Conversion to Loan.--
            (1) Failure to obtain undergraduate degree in mathematics, 
        science, engineering, or a health-related field.--Any 
        individual who receives a scholarship award under this Act who 
        fails to obtain a bachelor's degree with a major in 
        mathematics, science, engineering, or a health-related field 
        from an institution of higher education within a period 
        prescribed by the Secretary by regulations issued pursuant to 
        this Act, shall be required to repay a pro rata amount of the 
        scholarship award received, plus interest (but in no event at 
        an interest rate higher than the rate applicable to loans in 
        the applicable period under part B of title IV of the Higher 
        Education Act of 1965 (20 U.S.C. 1071 et seq.)) and, where 
        applicable, reasonable collection fees, on a schedule and at a 
        rate of interest to be prescribed by the Secretary by such 
        regulations.
            (2) Forgiveness if deceased or disabled.--An individual 
        shall be excused from repayment of any scholarship award 
        required under paragraph (1) if the individual dies or becomes 
        permanently and totally disabled (as determined in accordance 
        with regulations prescribed by the Secretary).

SEC. 4. ELIGIBILITY.

    (a) Initial Student Eligibility.--To be eligible for a scholarship 
under this Act, a student shall--
            (1) be a citizen, national, or permanent resident of the 
        United States;
            (2) have a total adjusted gross income that--
                    (A) based on the income of the parents of the 
                student (and excluding any income of the dependent 
                student), is less than $200,000, in the case of a 
                student who is a dependent student;
                    (B) based on the income of the student, is less 
                than $100,000, in the case of a student who is an 
                independent student and is not married; or
                    (C) based on the income of the student and the 
                student's spouse, is less than $200,000, in the case of 
                a student who is an independent student and is married;
            (3) be a graduate of a public or private secondary school, 
        or have the equivalent of a certificate of graduation as 
        recognized by the State in which the student resides;
            (4) be enrolled or accepted for enrollment in a program of 
        undergraduate instruction leading to a bachelor's degree with a 
        major in mathematics, science, engineering, or a health-related 
        field at an institution of higher education; and
            (5) have obtained a cumulative grade point average of at 
        least 3.5 (or the equivalent as determined under regulations 
        prescribed by the Secretary)--
                    (A) at the end of the secondary school program of 
                study, in the case of a student enrolled or accepted 
                for enrollment in the first academic year of 
                undergraduate education; or
                    (B) at the end of the most recently completed 
                academic year of undergraduate education, in the case 
                of a student enrolled or accepted for enrollment in the 
                second, third, or fourth academic year of undergraduate 
                education.
    (b) Continuing Eligibility.--In order for a student to continue to 
be eligible to receive a scholarship under this Act for a subsequent 
year of undergraduate education, the student shall maintain eligibility 
under subsection (a), including fulfilling the grade point average 
requirement under paragraph (5)(B) of such subsection.

SEC. 5. SELECTION.

    (a) Application.--Each eligible student desiring a scholarship 
under this Act shall submit an application to the Secretary at such 
time, in such manner, and containing such information as the Secretary 
may reasonably require.
    (b) Award Basis.--Subject to subsection (c), scholarships under 
this section shall be awarded on a first-come, first-served basis and 
subject to the availability of appropriations.
    (c) Priority.--The Secretary shall give priority in awarding 
scholarships under this section for an academic year to eligible 
students who received a scholarship award under this section for the 
preceding academic year.

SEC. 6. REGULATIONS.

    The Secretary is authorized to prescribe such regulations as may be 
necessary to carry out the provisions of this Act.

SEC. 7. DEFINITIONS.

    For the purposes of this Act:
            (1) Institution of higher education.--The term 
        ``institution of higher education'' has the meaning given such 
        term in section 101(a) of the Higher Education Act of 1965 (20 
        U.S.C. 1001(a)).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Education.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to carry out this Act such 
sums as may be necessary for fiscal year 2008, and for each succeeding 
fiscal year.