Peace Corps Volunteer Education Demonstration Program Act

Peace Corps Volunteer Education Demonstration Program Act - Authorizes the Director of the Peace Corps to carry out a training and educational benefits demonstration program.

Makes eligible for program participation any student at an institution of higher education who: (1) has completed at least two years of satisfactory study and is enrolled in a bachelor-degree program of at least four years; (2) agrees to serve at least three years in the Peace Corps; and (3) is selected in a competitive process.

Requires selection procedures to include special consideration for traditionally underserved groups of students and students who will specialize in courses in areas in which the Peace Corps has special need.

Requires the Director to carry out a training program under which participants receive appropriate training for their Peace Corps work as part of their course of study.

Makes participants eligible for educational benefits to cover attendance costs during their remaining two years of study. Requires repayment of such benefits if the individual fails to complete three years of Peace Corps service.

Directs the Secretary of Education to evaluate and report on such program to the President and the Congress by October 31, 1994.

Authorizes appropriations for FY 1990 through 1995.