Selected Reserve Educational Assistance Improvement Act

Selected Reserve Educational Assistance Improvement Act - Increases, for months occurring during FY 2004 and thereafter, the rates of basic educational assistance for members of the Selected Reserve. Prohibits any rate increase during FY 2004 and 2005 based on adjustments to the Consumer Price Index.

Directs the Secretary of Defense, with respect to fiscal years beginning on or after October 1, 2004, to increase such rates by an amount equal to the percentage increase in educational costs at institutions of higher learning.