General Education Assistance Act

General Education Assistance Act - Establishes a program of grants to State education agencies for their use in elementary and secondary education and increasing such teachers salaries. Specifies that the amount of these grants is based on a basic grant equal to $100 times the number of children in the State in the population group aged 5 to 17 as a proportion of all children aged 5 to 17 in the United States. Authorizes appropriations of $2,500,000,000 for the fiscal year ending June 30, 1973, and for each of the four succeeding fiscal years for the purpose of making supplemental equalization grants to local educational agencies.

Earmarks fifty percent of the funds for increasing teachers' salaries, and allows the rest to be freely applied to other current expenditures, including employing additional teachers and teacher's aides, preschool and summer programs, and State educational expenditures.

Requires a State educational agency to submit and have approved an application before receiving a grant. Sets forth various requirements to be included in such application.