Recruit and Reward Future Math and Science Teachers of America Act of 1998

Recruit and Reward Future Math and Science Teachers of America Act of 1998 - Amends the Higher Education Act of 1965 to establish a pilot program for recruitment and training of future secondary school mathematics and science teachers.

Makes available 500 scholarship grants and stipends to outstanding students enrolled in nationally accredited teacher training graduate programs who are committed to pursuing such careers in secondary school mathematics and science teaching.

Authorized appropriations. Designates funds under this Act as National Math and Science Teacher Scholarships. Authorizes the Secretary of Education to award funds for such scholarships on a competitive basis to qualifying higher education institutions with graduate programs in teacher training. Limits the amount of such funds in any academic year which may be awarded to any individual higher education institution. Requires such institutions to: (1) meet nationally accredited teacher training graduate program standards; or (2) demonstrate to the Secretary that at least 90 percent of the graduates of the graduate teacher training program take, and on their first attempt pass, the State teacher qualification assessments for new teachers.

Sets forth eligibility requirements for individual scholarships. Limits the scholarship amount per student to $10,000 per academic year. Requires scholarship recipients to agree to teach in an urban or rural public secondary school for at least three full academic years, or repay the pro rata amount of awards received, plus interest, for any failure to fulfill such obligation. Sets forth exceptions to such repayment requirements.