To establish an education satellite loan guarantee program for communications among education, Federal, state, and local institutions and agencies and instructional and educational resource providers.

[AI summary unavailable — showing source text] Authorizes the Secretary of Commerce to carry out an educational satellite loan guarantee program. Guarantees any lender against loss of principal or interest on a loan which is to be used solely to acquire and operate a communications satellite system dedicated to transmitting instructional programming. Restricts such a loan to a non-Federal, nonprofit, public corporation: (1) whose sole purpose is to acquire and operate such a system; (2) whose governing board includes members representing elementary and secondary education, vocational and technical education, community and State colleges, and universities; (3) whose charter is designed for affiliation with State and local instructional institutions and agencies and other distance learning and instructional resource providers; and (4) which is in existence as of January 1, 1992. Requires such corporation, before such loan is guaranteed, to have: (1) investigated all practical means to acquire a communications satellite system; (2) reported its findings to the Secretary; and (3) recommended the most cost-effective, high-quality communications satellite system for the purposes of this Act. Sets forth limitations on the amount of gu…