Magnet Schools Assistance Reauthorization Act of 1987

Magnet Schools Assistance Reauthorization Act of 1987 - Amends the Education for Economic Security Act to increase the FY 1988 amount of the authorization of appropriations for magnet school assistance and to extend such authorization of appropriations through FY 1993.

Prohibits the Secretary of Education from making a determination about the award of funds under the magnet school assistance program solely on the basis of whether an applicant received an award in a prior fiscal year.

Limits to 15 percent that portion of funds available for each fiscal year for purposes of the magnet school assistance program that may remain available for obligation and expenditure during the succeeding fiscal year. Prohibits the Secretary from reducing any payment under such program for any fiscal year by any amount on the basis of availability of funds pursuant to specified provisions of the General Education Provisions Act.