Revitalization of Health and Education in Rural America Act of 1992

Revitalization of Health and Education in Rural America Act of 1992 - Amends the Food, Agriculture, Conservation, and Trade Act of 1990 to direct the Administrator of the Rural Electrification Administration to establish a program for providing grants to qualified consortia to assist them in obtaining access to modern interactive telecommunications systems through the public switched network.

Sets forth: (1) application requirements; (2) review and comment procedures (by a State agency); (3) criteria for selection of grantees (giving priority to applications demonstrating the greatest likelihood of successfully and efficiently carrying out specified activities, the participation of the local telephone exchange carrier in providing and operating the telecommunications transmission facilities required by a State plan for upgrading rural telecommunications infrastructure, and unconditional financial support from the local community, and ensuring (to the extent possible) that various regions of the United States benefit from the use of the grants); and (4) limits on the maximum grant amount and the period of disbursement of grants.

Specifies that grants under this Act may be used to support the costs of activities involving the sending and receiving of information to improve health care or educational services in rural areas.

Sets limitations with respect to: (1) the use of grant funds for the acquisition of interactive telecommunications equipment; (2) the use of such funds to employ consultants; and (3) the authorization of appropriations. Bars the use of funds under this Act to establish or operate a telecommunications network or telecommuncations service for hire.

Amends the Rural Electrification Act of 1936 (REA) to: (1) provide for a reduction in the interest rate on insured telephone loans for borrowers from States with plans for upgrading rural telecommunications infrastructure; and (2) eliminate a preference for rural telephone bank loans for borrowers located in such States.

Modifies the definition of "rural area" for purposes of telephone loans to mean specified areas not included within the boundaries of an area having a population in excess of 10,000 (currently, 1,500) inhabitants.

Expresses the sense of the Congress that persons eligible for telephone loans under the REA who are interested in upgrading telecommunications in rural areas should obtain financial assistance under such Act through a subsidiary in order to limit the assets subject to the lien requirements of such Act.

Directs the Administrator of the Rural Electrification Administration and the Governor of the Rural Telephone Bank to prescribe such regulations as necessary to carry out this Act.