Selected Reserve Educational Assistance Act

Selected Reserve Educational Assistance Act - Directs (rather than permits) the Secretary of each military department to establish a program to provide educational assistance to members of the Selected Reserve who agree to remain in such Reserve for at least six years. Sets forth the amount of such assistance. Requires that such assistance be given for pre-degree work at an institution of higher learning. Sets forth further eligibility requirements for such assistance. Establishes a delimiting period of ten years or at separation from service, whichever comes first. Prohibits the provision of assistance to any member already receiving assistance as a member of the Senior Reserve Officers' Training Corps program or a member who fails to perform satisfactorily in training. Expands the penalties for failure to participate satisfactorily in such program to include orders to active duty.

Designates the Veterans' Administration to administer such program. Directs the Secretary of Defense to report to Congress annually rather than quarterly on its operation.