Low-Income Educational Opportunity Act of 1998

Low-Income Educational Opportunity Act of 1998 - Establishes a demonstration grants program of education scholarships to cover the costs of enrolling low-income children in choice public or private schools which their parents select.

Authorizes appropriations.

Directs the Secretary of Education to make grants to eligible entities to carry on between ten and 20 such demonstration projects. Requires that not more than two grants of $5 million or less be made in any fiscal year, with one such grant to be given to the District of Columbia if its application meets the requirements of this Act. Requires each of the remaining grants to be $3 million or less. Requires such grants to be used by eligible entities to provide education scholarships to parents of eligible children.