Patriots of Peace Service Act of 1992

Patriots of Peace Service Act of 1992 - Title I: Reduction in the Costs of Operating the Military Service Academies - Requires the Secretary of Defense to reduce the costs of providing an education at U.S. military academies so that, by January 1, 1995, the average cost per student of operating each service academy is: (1) approximately equal; and (2) not more than ten percent greater than the average cost per nonacademy student at the ten top-ranked institutions of higher education in the United States. Requires the Secretary to further reduce such operating costs for each fiscal year after enactment of this Act to achieve a reduction in expenditures equal to 50 percent of the cost for that year of providing scholarships under title II of this Act.

Authorizes the Secretary, in order to achieve such cost reductions, to reduce the number of appointments made to the service academies for classes entering after the enactment of this Act, notwithstanding the current authorized strengths of military students at such academies.

Expresses the sense of the Congress that savings achieved as the result of such cost reductions should be used to provide funds for the operation of the title II scholarship program.

Title II: Patriots of Peace Scholarships - Directs the Secretary to establish a program of national security scholarships to assure an adequate supply of college graduates for civilian employee positions with: (1) the Department of Defense (DOD); and (2) other Federal agencies involved in education or other activities related to national security. Designates each scholarship recipient as a National Security Scholar (Scholar).

Outlines eligibility requirements for selection as a Scholar, including acceptance or enrollment as a full-time student in an institution of higher education and nomination for selection by a Member of Congress. Places a $50,000 annual family income limitation on eligible individuals. Directs the Secretary to select Scholars from individuals nominated by Members of Congress. Provides the total number of scholarships to be awarded for FY 1993 through 1995.

Allows a Scholar to use such scholarship at any institution of higher education offering a course of instruction in: (1) the complete workings of the three branches of Government; (2) DOD operations; (3) the relationship of DOD with other Federal agencies, the Congress, and the judicial branch; and (4) the relationship of DOD with State and local governments.

Requires each individual selected to sign a written contract with the Secretary: (1) to accept such financial assistance and graduate from the institution; and (2) immediately upon completion of the program, to serve for six years as a civilian employee of DOD or another Federal agency involved with education or national security activities. Requires parental consent if the individual selected is a minor. Requires the Secretary under such written agreement to: (1) provide such scholarship; and (2) provide for summer employment, and post-graduation placement, for the Scholar.

Makes all financial assistance provided under this title contingent upon the appropriation of funds for such scholarships.

Directs the Secretary, in disseminating contract forms for scholarships, to include a fair summary of rights and liabilities of a recipient, including a clear explanation of U.S. entitlement to damages for breach of contract. Requires pro rata reimbursement from a Scholar to the United States for failure to complete the educational requirements or the required period of post-graduate employment. Waives any repayment requirement if the Scholar terminates the agreement and withdraws from the scholarship program before the start of the third school year covered by the scholarship.

Title III: Montgomery GI Bill Benefits for Enlisted Men and Women - Amends the Montgomery GI Bill educational assistance program to: (1) eliminate a required $100 monthly reduction in basic pay for enlisted military personnel entering into active duty after June 30, 1985, for participation in the program; (2) eliminate provisions which allow such members an election of whether to participate in the program; and (3) increase annually the authorized amount of monthly educational assistance provided under the program on a pro rata basis to reflect the percentage increase in the Consumer Price Index.

Increases from 36 to 48 the number of authorized monthly payments of educational assistance under the program.