Ralph J. Bunche Scholarship Act

Ralph J. Bunche Scholarship Act - Amends the Higher Education Act of 1965 to revise and reauthorize title III part C programs of the Institute for International Public Policy.

Directs the Institute to conduct a program to enhance U.S. global competitiveness by increasing the participation of African Americans, Hispanic Americans, American Indians, and other underrepresented minorities in the international service, including private international voluntary organizations, the foreign commercial service, and the foreign service of the United States. Lowers, from one-half to one-third, the matching funds requirement for recipients of grants from the Institute.

Establishes a Ralph J. Bunche Scholarships program. Authorizes the Institute to provide such scholarships to qualified low-income, minority, and other underrepresented students who demonstrate special interest in international affairs and language study, demonstrate exceptional academic ability, and show promise of continued academic excellence and ability. Provides such Bunche Scholarships for up to $5,000 for each of the last two years of undergraduate study toward a bachelor's degree.

Directs the Institute to provide a program of study leading to an advanced degree in international relations, international affairs, international economics, or other academic areas related to the Institute fellow's career objectives. Authorizes the Institute to grant fellowships for such program of study up to an amount comparable to National Science Foundation research graduate fellowships. Requires fellowship recipients to agree to undertake full-time study and to enter the international service, including work with international voluntary organizations, or the U.S. foreign service.