To amend title IX of the Higher Education Act in order to encourage minority students to seek and obtain doctoral degrees, and for other purposes.

Amends the Higher Education Act of 1965 to revise graduate program provisions to rename Grants to Institutions to Encourage Minority Participation in Graduate Education as Grants to Institutions to Strengthen and Diversity the Higher Education Professorate.

Directs the Secretary of Education (the Secretary) to make grants to institutions of higher education to identify talented minority students and faculty members and to provide them with stipends and fellowships (Augustus F. Hawkins Fellowships) to assist them in obtaining a doctoral degree if they agree to teach at an institution of higher education for a specified period after receiving such degree.

Requires such grants to be made to institutions of higher education, or to nonprofit organizations associated with institutions of higher education with a demonstrated record of enhancing minority access to graduate education. Requires such institutions to carry out the program in consortia with historically black colleges and universities and other institutions with significant enrollments of African Americans, Asian Americans, Hispanic Americans, and Native Americans.

Sets forth grant application and selection requirements. Requires the Secretary to give priority to applications from institutions which provide a tuition waiver and a minimum $2,000 stipend to each Hawkins Fellowship recipient; but authorizes the Secretary to waive all or any portion of such requirement upon request of any historically Black college or university.

Sets forth agreement requirements for fellowship recipients. Requires an agreement to teach for at least two years, within five years after completing the doctorate, at a public or private nonprofit institution of higher education (or, in the case of a for-profit institution, one that offers at least the Associate of Arts degree). Requires repayment if the teaching service requirement is not complied with. Provides for deferral of repayment during certain periods, and forgiveness in cases of permanent total disability.