To establish the Silver Scholarship program to provide transferable educational awards to older individuals who have performed certain volunteer services.

Amends the Older Americans Act of 1965 to authorize the Assistant Secretary for Aging to make grants to public agencies and nonprofit organizations experienced in administering volunteer programs to provide $1,000 scholarships to older individuals who perform at least 600 hours of volunteer service with such agencies or organizations within a 12-month period. Allows the proration of such scholarships when an individual, due to compelling personal circumstances, cannot perform 600, but performs at least 300, hours of service within such period.

Allows a scholarship recipient to designate another individual to use such scholarship.