Math and Science Incentive Act of 2005 - Directs the Secretary of Education to carry out a program of assuming the obligation to pay up to $10,000 of interest on certain student loans under the Higher Education Act of 1965, for certain borrowers who agree to serve for five years as: (1) teachers of science, technology, engineering or mathematics at an elementary or secondary school; or (2) mathematics, science or engineering professionals.
Requires that selection of program participants from among eligible applicants be based on: (1) U.S. national security, homeland security, and economic security needs; and (2) the applicant's academic record or job performance. Allows other factors to be considered in such selection.