Allocates part A grants to states and, through them, subgrants to local educational agencies (LEAs) pursuant to a formula that apportions: (1) 20% of the funding to states and LEAs on the basis of their share of students aged 5-17 on the national and state level, respectively; and (2) 80% of such funding on the basis of their share of impoverished students in that age group.
Requires states to use 98.5% of those funds for subgrants to LEAs, with the remainder being used for specified state activities.
Lists the projects which the subgrants may fund, including: (1) teacher and principal recruitment, training, and retention efforts; (2) teacher and principal evaluation systems that are based in significant part on student achievement; (3) model instructional programs in the core academic subjects; and (4) measures that improve students' access to school library materials, postsecondary level coursework, and extended learning opportunities.
Directs the Secretary to: (1) provide technical assistance to part A grantees and subgrantees, (2) evaluate part A activities, and (3) award competitive matching grants to national nonprofit organizations for teacher or principal training programs.
Authorizes the Secretary to award competitive matching grants under part B to states, LEAs, or partnerships between those entities and profit or nonprofit organizations to develop, implement, improve, or expand, performance-based compensation systems for teachers and principals.
Favors grant applicants that focus on teachers and principals serving in high-need schools.
Directs the Secretary to arrange for an independent evaluation of the effectiveness of part B programs.