Inter-American Scholarship Partnership Act

Inter-American Scholarship Partnership Act - Authorizes the Administrator of the Agency for International Development to make grants to States for a specified Federal share of the cost of scholarships and higher education programs for foreign students from countries of the Caribbean basin region which are designated by the President as beneficiary countries pursuant to the Caribbean Basin Economic Recovery Act.

Earmarks funds for such grants for FY 1988 through 1992 from funds authorized to be appropriated under the Foreign Assistance Act of 1961 for development assistance and the economic support fund. Authorizes appropriations for administrative expenses of the States and the Agency.

Specifies that such grants shall be used for payment in full of scholarships for four-year baccalaureate degree programs, five-year undergraduate degree programs, or one or two year training programs in study areas related to the critical development needs of the students' respective countries, including: (1) agriculture; (2) education; (3) public and small business administration; (4) health and related services; (5) civil and architectural engineering; (6) communications technologies; (7) social and political sciences; and (8) vocational and technical skills.

Specifies that each such scholarship shall be in the form of a loan to the student with all repayment to be forgiven upon the student's prompt return to his or her country of origin for a period which is at least one year longer than the period spent studying in the United States. Forgives one-half of the repayment if the student is granted asylum in, or admitted as a refugee to, the United States.

Sets forth eligibility and selection standards and application requirements for such students. Sets forth procedures for States to make applications for such grants.

Directs each participating State to enlist the assistance of the private sector in meeting the non-Federal share of payments under this Act.

Requires the Administrator to conduct an annual evaluation of grants made under this Act to determine the success of carrying out the purposes of this Act.