Precollege Mathematics and Science Teacher Assistance Act

Precollege Mathematics and Science Teacher Assistance Act - Amends the Higher Education Act of 1965 to establish a program of direct loans to students in institutions of higher education who are preparing to be precollege mathematics and science teachers.

Directs the Secretary of Education to carry out a program of establishing and maintaining funds at institutions of higher education for making low-interest loans to students who: (1) pursue baccalaureate degree courses of study in mathematics and/or science; and (2) intend to enter the precollege mathematics and science teaching profession.

Authorizes appropriations for FY 1984 through FY 1989 to carry out such program. Authorizes additional appropriations for FY 1989 through FY 1994 to enable students who have received loans for academic years ending prior to October 1, 1989, to continue or complete courses of study.

Directs the Secretary to make payments to institutions of higher education on the basis of the estimated needs of such institutions for making such student loans.

Sets forth conditions for such payments and for the agreements with the Secretary which such institutions must make in order to receive such payments.

Sets forth the terms of such student loans. Sets forth eligibility requirements for students. Sets forth requirements for agreements between any institution and a student receiving such a loan from the student loan fund (including agreements which require commitments to teach or commitments to repay such loans).

Provides for cancellation of such student loans at the rate of 25 percent for each complete year of service after the date of enactment of this Act as a full-time science or mathematics teacher in an elementary or secondary school academic year. Provides for cancellation of the entire amount of interest which accrues for any year in which a portion of the loan is cancelled.