National Schoolbus Safety Act of 1987

National Schoolbus Safety Act of 1987 - Limits the amount of financial assistance which the Secretary of Education may provide to any State or local educational agency in a State or locality that does not impose certain requirements for inspecting school buses and equipping them with safety belts.

Sets forth the initial form of such requirements as follows: (1) equipping those school buses first placed in service after the effective date of this Act with safety belts; and (2) annual safety inspection of all school buses. Limits the amount of financial assistance in cases of noncompliance to not more than: (1) 95 percent of the allocated amount for the first fiscal year beginning after the effective date of this Act; (2) 90 percent for the second such fiscal year; and (3) 85 percent for any subsequent fiscal year.

Sets forth final requirements which must be effective on or before January 1, 1997, as follows: (1) equipping all school buses with safety belts; and (2) annual inspections of all school buses. Prohibits any financial assistance to any State or local educational agency in a State or locality which does not have such requirements in effect by such date.

Directs the Secretary of Transportation to annually provide the Secretary of Education with information necessary to determine whether a State or local government has in effect the requirements referred to under this Act, if there is an approved highway safety program for pupil transportation safety in effect for such State or local government. Requires the State or local government to provide such information when such a program is not in effect.

Makes this Act effective beginning one year after its date of enactment.