To amend title II of the Elementary and Secondary Education Act of 1965 to help close the gaps in principal preparation and provide new principals with the support and tools they need to meet the complex challenges of school leadership.

Amends title II (Preparing, Training, and Recruiting High Quality Teachers and Principals) of the Elementary and Secondary Education Act of 1965 to authorize the Secretary of Education to award competitive grants to states, local educational agencies, and nonprofit organizations to provide principals who have no more than three years of experience with training that improves their capacity to increase student achievement for all children.

Authorizes the grants to be used to: (1) establish learning communities within elementary and secondary schools where principals and teachers work together regularly to analyze and improve teaching and learning, (2) develop quality mentoring programs, and (3) provide stipends to mentors who are veteran principals with demonstrated leadership skills and a successful record of increasing student achievement.