To amend the Immigration and Nationality Act to provide status in each of fiscal years 2008 through 2012 for 65,000 H-1B nonimmigrants who have a master's or Ph.D. degree and meet the requirements for such status and whose employers make scholarship payments to institutions of higher education for undergraduate and postgraduate education.

Amends the Immigration and Nationality Act to authorize the Secretary of Homeland Security to provide (H-1B visa) nonimmigrant status for a specified number of aliens during each of FY2008-FY2012 with a master's or Ph.D. degree whose employers make qualified scholarship payments to institutions of higher education for undergraduate and postgraduate study. (Gives scholarship priority to citizens and permanent resident aliens.)