Voluntary National Service and Education Demonstration Program Act

Voluntary National Service and Education Demonstration Program Act - Title I: Voluntary National Service and Education Demonstration Program - Directs the Secretary of Education to carry out a voluntary national service and education demonstration program. Requires participants in such program to: (1) have attained 16 years of age but not 25 years of age; (2) have a certificate of graduation from a secondary school or equivalent; (3) enter into appropriate agreements with State higher education agencies; and (4) be a citizen or lawfully admitted to the United States for permanent residence. Requires each participant to perform at least two years of community service or military service.

Requires State higher education agencies to apply for participation in the demonstration program through the Secretary. Provides monthly stipends and educational benefits for community service participants and educational benefits for military service participants.

Requires the Secretary to report to the Congress on an evaluation of the demonstration program.

Authorizes appropriations for FY 1988 through 1993.

Title II: Peace Corps Training and Educational Benefits Demonstration Program - Authorizes the Director of the Peace Corps to carry out a training and educational benefits demonstration program.

Provides that eligible students must: (1) have completed two years of study at an institution of higher education; (2) agree to enter the Peace Corps for a period of two years; and (3) be selected pursuant to a competitive process. Describes the selection process, training, and educational benefits.

Directs the Secretary to report to the Congress on an evaluation of such program.

Authorizes appropriations for FY 1988 through 1993.