Inviting New Scholars to Participate in Renewing Education Act - Authorizes the Secretary of Education to make formula grants to States to award scholarships to outstanding students who are in their final year of secondary school, attending an institution of higher education, or graduates of such an institution, and who demonstrate an interest in teaching children and youth, in order to enable them to pursue teaching careers in education at the preschool, elementary, or secondary level. Requires scholarship recipients to agree to teach in a private nonprofit or public preschool, or a public elementary school or secondary school, in a high-need school district, for a period of not less than one year for each $5,000 of the assistance received.
Authorizes the Secretary to make competitive grants to local educational agencies to develop and implement mentor teacher programs to enable experienced teachers to train, support, and mentor novice teachers.