National Foundation for Excellence Act

[AI summary unavailable — showing source text] National Foundation for Excellence Act - Establishes the National Foundation for Excellence, as an independent establishment of the executive branch. Sets forth the membership of the Board of Directors of the Foundation. Authorizes the Foundation to award scholarships for undergraduate and graduate study for outstanding students committed to careers in teaching in public education. Sets forth rules for courses of study and for duration of scholarship assistance. Provides for eligibility, selection, and number of recipients of such scholarships (Foundation scholars). Provides for scholarship stipends and limitations on total assistance to any recipient. Sets forth scholarship conditions, including reporting requirements and student agreements to teach in a public elementary or secondary school for a certain period of years based on the total amount of scholarship awarded. Sets forth scholarship repayment requirements for those who do not fulfill such teaching commitments or who otherwise do not comply with the provisions of this Act. Sets forth exceptions to such repayment provisions, including deferrals during certain periods and forgiveness in the event of permanent total disabili…