A bill to amend title 37, United States Code, to establish an education savings plan to encourage reenlistments and extensions of service by members of the Armed Forces in critical specialties, and for other purposes.

Directs the Secretary of the military department concerned to purchase U.S. savings bonds for military personnel who have completed certain periods of active duty and who enter into a commitment to perform at least six years of additional active-duty service in a specialty designated as critical by such Secretary. Makes such bond amounts: (1) $5,000, for members who enter into the agreement before completing three years of active duty; (2) the excess of $15,000 over the face amount of any bonds previously purchased for such members who have completed at least three years of active service but less than nine years; and (3) the excess of $30,000 over such face amount for members who have completed nine years of active service. Requires the pro rata repayment of such bond amounts for the non-completion of the required additional service, with a waiver when repayment is considered to be against equity and good conscience or contrary to the best interests of the United States.