To establish a Teacher Opportunity Corps to enable paraprofessionals working in targeted schools to become certified teachers through part-time and summer study.

Amends the Higher Education Act of 1965 to establish the Teacher Opportunity Corps (TOC) program, to encourage institutions of higher education to offer educational programs and financial assistance to enable paraprofessionals working in shortage area schools serving disadvantaged students to become certified teachers.

Directs the Secretary of Education (the Secretary) to allocate TOC program grant funds to States according to the same formula under which States receive chapter 1 funding (i.e. funding for education of disadvantaged children under chapter 1 of title I of the Elementary and Secondary Education Act of 1965). Sets forth a minimum State allotment.

Requires TOC grant program agreements to include provisions for administration and recordkeeping by the State education or higher education agency.

Authorizes the Secretary to make grants to States to support TOC programs at institutions of higher education. Sets forth State grant application requirements and general criteria for State grants, including: (1) involvement of institutions of higher education and shortage area schools or school districts; (2) full credit of education program courses to a baccalaureate program leading to teacher certification; and (3) a program evaluation system.

Requires any paraprofessional who receives student financial assistance under the TOC program to agree to act as a paraprofessional in a shortage area school for at least one year for each year of such assistance, within ten years after completing the postsecondary education. Requires repayment of all or part of such such assistance, plus interest and reasonable collection costs, if the recipient fails to comply with such service requirement, except under specified circumstances. Requires that such student financial assistance supplement, but not supplant, other Federal or State assistance for which the student would otherwise qualify.

Requires TOC program grants to be for a term of at least five years, subject to availability of appropriations.

Allows States to use TOC program funds for: (1) student financial assistance to paraprofessionals to pay part or all of costs of attendance (including child care) in postsecondary education programs required for teacher certification; and (2) supportive services for such paraprofessionals during participation in such programs.

Authorizes appropriations for FY 1993 through 1997 for the TOC program.