New Century Teachers Act

New Century Teachers Act - Amends the Higher Education Act of 1965 (HEA) to revise title V requirements for Educator Recruitment, Preparation, and Induction.

(Sec. 2) Authorizes appropriations for new HEA title V programs for: (1) Lighthouse Partnerships; and (2) Recruiting New Teachers for Underserved Areas. Authorizes the Secretary of Education to use Lighthouse Partnership funds to make continuation awards for Programs to Encourage Minority Students to Become Teachers.

Directs the Secretary to make competitive Lighthouse Partnership grants for teacher preparation improvement programs to partnerships of lead institutions, partner institutions, and State and local educational agencies.

Requires that the lead institutions: (1) operate exemplary teacher preparation programs; (2) desire to serve as national models and assist other institutions of higher education in improving teacher preparation; and (3) place a significant percentage of graduates in teaching positions in communities with concentrations of children from low-income families.

Sets forth program requirements for preapplications and applications, uses of funds, selection of applications, evaluation, and national activities.

Directs the Secretary to make competitive grants for Recruiting New Teachers for Underserved Areas to eligible applicants for programs that: (1) provide scholarships and necessary support services for students with high potential to become effective teachers seeking to complete teacher preparation programs (particularly minority students, including language minority students, and students with disabilities); (2) increase the quality and number of new teachers nationally; and (3) increase the ability of schools in underserved areas to recruit a qualified teaching staff. Requires an eligible applicant to be a partnership of: (1) an institution of higher education that grants baccalaureate degrees and prepares teachers for their initial entry into the teaching profession; and (2) one or more local educational agencies in underserved areas. Allows such a partnership also to include: (1) two-year colleges that operate teacher preparation programs and maintain articulation agreements, with the baccalaureate-granting institution, for the transfer of credits in teacher preparation; (2) State agencies that have responsibility for policies related to teacher preparation and licensure; and (3) other public and private, nonprofit agencies and organizations that serve, or are located in, communities served by the local educational agencies in the partnership, and that have an interest in teacher recruitment, preparation, and induction.

Requires any student who receives such a scholarship to agree to teach full-time in a high-poverty school in an underserved area for at least three years, within five years after completing the teacher preparation program, or to repay the amount of the scholarship.

Sets forth program provisions for grant conditions, planning, applications, uses of funds, selection of applicants, duration and amount of assistance, relation to other assistance, scholarship conditions, service requirements, evaluation, and national activities.