A Million Quality Teachers Act

Authorizes the Secretary of Education to award competitive grants to eligible applicant States for recruitment, retention, and retraining of high-quality teachers through one or more specified types of activities. Includes among recruitment activities: (1) teacher signing bonuses; (2) stipends for certification through alternative routes; (3) loan forgiveness to students with academic degrees in core academic subjects who agree to teach; (4) State income tax credits for new teachers; and (5) other programs that the State believes to be effective in recruiting individuals with strong academic backgrounds into the teaching field. Includes among activities for retention and retraining: (1) testing and merit pay programs; (2) performance bonuses; (3) scholarships to pursue advanced course work in the academic subjects teachers teach; (4) mentoring programs for teachers; and (5) other programs that the State believes to be effective in retaining and retraining quality teachers. Requires State reports on how activities using program grant funds improved teacher quality. Authorizes appropriations.

Directs the Secretary to carry out a program of student loan forgiveness, as an incentive for entering the teaching profession and teaching in a public school, for individuals who have majored or obtained graduate degrees, and excelled, in core academic subjects, as opposed to education as a subject. Provides for deferral and specified repayments of obligations for federally subsidized or guaranteed loans for eligible individuals who teach in public schools for certain periods, as well as deferral for participation in an alternative teacher certification program.

Authorizes the Secretary to pay stipends to such eligible individuals to cover certain costs incurred in obtaining certification through an alternative route for employment as an elementary or secondary school teacher. Requires such individuals to teach in a public school for two years after their certification. Requires individuals who do not fulfill their service or certification requirements to repay their stipends under certain circumstances. Authorizes appropriations.

Directs the Secretary to carry out certain notification, public awareness, and advertising activities. Authorizes appropriations.