To amend the National and Community Service Act of 1990 to establish the Silver Scholarship program to encourage increased volunteer work by seniors.

Amends the National and Community Service Act of 1990 to authorize the Corporation for National and Community Service to award grants to public agencies or private nonprofit organizations experienced in administering service programs to provide Silver Scholarships to individuals who: (1) perform, over a 12-month period, at least 500 hours of volunteer service after attaining age 55; and (2) have received, during the five-year period preceding the award, fewer than two such scholarships.

Allows the proration of such scholarships when an individual, due to compelling personal circumstances, cannot perform 500, but performs at least 250, hours of service within the 12-month period.

Allows a scholarship recipient to designate another individual to use such scholarship.