New Careers in Education Act

New Careers in Education Act - Directs the Secretary of Defense to establish a program to make monthly stipends available to assist certain members of the armed forces who are discharged or released from active duty with living expenses while they obtain certification as elementary or secondary school teachers. Makes eligible for such stipends members who served on active duty for at least 180 days and who: (1) have received a baccalaureate or advanced degree from an accredited State higher education institution; (2) agree to seek certification as an elementary or secondary school teacher; and (3) satisfy such other criteria as the Secretary may prescribe. Requires the member to apply for such stipend within one year after discharge or release from active duty. Requires all stipend applicants to have been released from such duty under honorable conditions. Requires information concerning such stipend availability to be included in a member's preseparation counseling. Requires the Secretary to maintain and provide to the Congress annually information on the number of stipends awarded for each year and the number of recipients successfully obtaining certification as teachers.

Directs the stipend to be paid to recipients over a 12-month period. Requires a recipient to enter into a contract with the Secretary, agreeing to accept such assistance in order to obtain certification and to teach for at least two school years afterwards in a State elementary or secondary school. Requires a recipient who fails to comply with the contract to repay the United States 100 percent of the stipend amount, with specified exceptions. Forgives repayment if the recipient becomes permanently and totally disabled. Directs the Secretary to make implementation and progress reports to the Congress.

Authorizes appropriations for FY 1993 through 1995.