Higher Education Technical Amendments Act of 1987

Higher Education Technical Amendments Act of 1987 - Amends provisions of the Higher Education Act of 1965 relating to: (1) a minimum program grant amount to be awarded to Morehouse School of Medicine; (2) the selection criteria for institutional challenge grant eligibility, including provisions for the waiver of given requirements in certain cases when the Secretary of Education (Secretary) determines that such a waiver will substantially increase higher education opportunities appropriate to the needs of American Indians; (3) the establishment of a review panel to read all applications for institutional aid and to make recommendations to the Secretary as to whether a grant should be awarded in any particular case; (4) notification requirements under which the Secretary shall inform institutions applying for grants of the results of panel review and the reasons for any grant award or refusal; (5) the exclusion of proceeds of the forced sale of farm or business assets for purposes of computing family contributions in Pell grant eligibility determinations; (6) the inclusion of one-half of veterans' education benefits in Pell grant calculations of effective family income resources; (7) the value of a principal residence for the purpose of computations to determine Pell grant eligibility in certain cases involving dislocated workers or displaced homemakers; (8) the definition of "dependent of the parent" for Pell grant purposes; (9) excludable income for Pell grant eligibility purposes, including special provisions applicable to Native American students; (10) the definition of "untaxed income and benefits" for the purpose of computing annual adjusted family income in Pell grant eligibility determinations; (11) the formula used in assessing institutional need for purposes of the allocation of funding for supplemental educational opportunity grants; (12) designation of the Post-Baccalaureate Achievement Program as the Ronald E. McNair-Post-Baccalaureate Achievement Program; (13) authorizations for the high school equivalency and the college assistance migrant programs; (14) special child care services for disadvantaged college students; (15) per student aggregate loan limits; (16) variable interest rates on supplemental and PLUS loans, and the limitation, repayment, and refinancing criteria applicable to such loans; (17) supplemental, PLUS, and direct loan deferments, including provisions covering certain health professionals in internship and residency programs; (18) consolidation loans; (19) insurance program agreements to qualify loans for interest subsidies; (20) guaranty agreements for reimbursing loans; (21) State garnishment law requirements; (22) agreements between eligible institutions and holders of delinquent loans made to borrower-attendees to provide specified information regarding such borrowers; (23) conditions under which an institution of higher learning or vocational school may be an eligible lender under the student loan insurance program; (24) certain spending requirements applicable to institutions engaged in job location and development programs; (25) the computation of the interest rate on loans under the income contingent direct loan demonstration project; (26) the allocation formula, notice of default requirement, and estimates of balances procedures applicable to the direct student loan program; (27) the financial needs assessment of students, including provisions governing untaxed income and benefits, excludable income, adjustments for enrollment periods other than nine months, the applicable Consumer Price Index, simplified needs analysis, treatment of income from forced sales, family contribution for Native American students, the definition of "assets," and the discretion of a student financial aid administrator to make necessary adjustments to allow for the treatment of individual students with special circumstances; (28) a requirement that the Secretary develop and use a simplified application form for families submitting information for a simplified needs analysis for financial aid purposes; (29) an increase from three to five in the required number of multiple data entry processors, together with directions to the Secretary prohibiting selection of any new processors until the Advisory Committee on Student Financial Assistance (Advisory Committee) has studied and made recommendations concerning the appropriate type and number of processors and the cost of processing applications; (30) student eligibility requirements; (31) funding for the Advisory Committee; (32) a requirement that the Advisory Committee conduct a thorough study of institutional lender policy and submit a report on such study to specified congressional committees no later than two years following this Act's enactment; (33) the leadership in educational administration development program; (34) the designation of scholarships awarded under the Congressional Teacher Scholarship Program as Paul Douglas Teacher Scholarships and the interest rate applicable in cases of repayment of such awards; (35) the eligibility of preschool teachers for the Congressional Teacher Scholarship Program; and (36) a requirement that all applications submitted under such Act that require peer review be read by a panel of readers selected by the Secretary, including persons outside of the Federal Government.

Amends the Higher Education Amendments of 1986 relating to: (1) effective dates; (2) the conduct of certain required studies; and (3) a requirement that the National Academy of Sciences submit to the Congress a report on its study on how volunteers can be used in the classroom.

Amends the General Education Provisions Act concerning: (1) the use of excess appropriations to assist education resources information clearinghouses; and (2) the disposition of certain funds received by the Center for Education Statistics.

Amends the United States Institute of Peace Act to authorize the establishment of the Jeannette Rankin Research Program on Peace.