To establish an education satellite loan guarantee program for communications among education, Federal, state, and local institutions and agencies and instructional and educational resource providers.

Authorizes the Secretary of Commerce to carry out an educational satellite loan guarantee program.

Guarantees any lender against loss of principal or interest on a loan which is to be used solely to acquire and operate a communications satellite system dedicated to transmitting instructional programming. Restricts such a loan to a non-Federal, nonprofit, public corporation: (1) whose sole purpose is to acquire and operate such a system; (2) whose governing board includes members representing elementary and secondary education, vocational and technical education, community and State colleges, and universities; (3) whose charter is designed for affiliation with State and local instructional institutions and agencies and other distance learning and instructional resource providers; and (4) which is in existence as of January 1, 1992.

Requires such corporation, before such loan is guaranteed, to have: (1) investigated all practical means to acquire a communications satellite system; (2) reported its findings to the Secretary; and (3) recommended the most cost-effective, high-quality communications satellite system for the purposes of this Act.

Sets forth limitations on the amount of guaranteed loans to acquire such system and to operate and manage it for up to three years.

Requires the lender to assign rights and interests in such system to the United States upon payment of such loan guarantee.

Authorizes appropriations.