Servicemembers Education Conversion Act of 1992

Servicemembers Education Conversion Act of 1992 - Title I: Enhanced Voluntary Separation Programs - Directs the Secretary of Defense, in administering the special separation benefits program and the voluntary separation program and in order to provide an incentive for members of the armed forces to become elementary and secondary school teachers, to modify those programs in accordance with this Act. Entitles such modifications as the teacher training enhancement program.

Authorizes a member of the armed forces who is offered participation in either of the separation programs to apply to the Secretary for the training program. Allows the Secretary to accept applications only in the case of a member who could become certified as a teacher after pursuit of a program of one year or less. Prohibits the acceptance of any applications after September 30, 1997.

Modifies the separation programs to: (1) continue to provide for 12 months after separation from service the full amount of the member's basic pay paid before such separation; and (2) pay such benefit or incentive as computed by using half the member's years of service (currently, all) payable at the end of the 12-month period in which the member received full basic pay.

Directs the Secretary to provide information about the training program to all members of the armed forces on active duty before they enter preseparation counseling as required under Federal law.

Title II: Elements of Teacher Training Enhancement Program - Requires a former member of the armed forces who is accepted into the training program to enter into a written agreement with the Secretary to: (1) accept modification of the separation programs; (2) obtain teacher certification within one year after separation; and (3) teach, within seven years from receiving certification, for at least five years in a public or private nonprofit elementary or secondary school in the United States. Requires an individual who fails to comply fully with the agreement requirements to reimburse the United States on a pro rata basis for the benefits provided under the training program. Allows an individual to make any required reimbursement through a reduction in the amount of voluntary separation incentive payments due to such individual for his or her period of service. Provides instances in which such repayment or teaching obligations shall be waived.

Title III: Role of Department of Education in Teacher Training Enhancement Program - Directs the Secretary of Education to: (1) collect information regarding States and local educational agencies that have a shortage of elementary and secondary school teachers and the applicable teacher certification requirements; and (2) provide such information to the Secretary of Defense for dissemination to members of the armed forces as part of their information package.

Directs the Secretary of Education to: (1) assist individuals selected for the program in selecting an appropriate teacher certification to pursue and in obtaining appropriate employment after certification; (2) provide information to States, local educational agencies, and accredited private nonprofit elementary and secondary schools regarding the existence of the program and the availability of program participants as teachers; (3) assist States and local educational agencies in developing alternative certification procedures for former members of the armed forces; and (4) submit an annual report on program effectiveness to the Congress.