Authorizes the Secretary of Education, through the Office of Educational Technology, to award competitive matching grants, contracts, or cooperative agreements for developing or redesigning teacher preparation programs to enable prospective teachers to use technology effectively in their classrooms. Makes eligible for such assistance consortia that include: (1) at least one institution of higher education that offers a baccalaureate degree and prepares teachers for their initial entry into teaching, is in full compliance with specified reporting requirements of the Higher Education Act of 1965 (HEA), and has not been identified by the State as low performing; (2) at least one State educational agency or local educational agency with a high number or percentage of children in poverty; and (3) one or more of specified public or private entities.