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Q: 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.
A:
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.