Education Assistance Agency Act

Education Assistance Agency Act - Title I: General Provisions - Declares that the purpose of this Act is to: (1) terminate the Department of Education; (2) define Federal responsibility in education as assistance and support through the establishment of the Education Assistance Agency; and (3) recognize the primary responsibility of parents, States, localities, and educational institutions in determining educational policy.

Prohibits, except to the extent specifically authorized by law, construing provisions for Agency programs to authorize any Federal control over educational curricula, administration, personnel, or instructional materials.

Title II: Establishment of the Agency - Establishes the Education Assistance Agency in the executive branch, to be administered by a Director. Limits the Agency to two Divisions.

Establishes a Federal Interagency Committee on Education to assist the Director in coordinating policies, procedures, and programs of the Agency and other Federal departments and agencies administering educational programs.

Title III: Transfers of Agencies and Functions - Transfers specified functions of the Department of Education to the: (1) Department of Health and Human Services; (2) Department of Commerce; (3) Department of Defense; (4) Department of the Treasury; (5) Department of State; (6) National Science Foundation; (7) National Foundation on the Arts and the Humanities; (8) Veterans Administration; (9) Department of Housing and Urban Development; (10) General Services Administration; (11) Office of Management and the Budget; and (12) Education Assistance Agency.

Title IV: Administrative Provisions - Sets forth provisions relating to the Agency's officers and employees, experts and consultants, and personnel reductions.

Sets forth provisions relating to the Agency's general authority, delegation, reallocation of functions, regulations, and contracts.

Provides that the General Education Provisions Act shall apply, except where inconsistent with the provisions of this Act, to functions transferred by this Act to the extent applicable on the day preceding the effective date of this Act.

Title V: Transitional, Savings, and Conforming Provisions - Repeals the Department of Education Organization Act.