National Space Grant College and Fellowship Act

National Space Grant College and Fellowship Act-Establishes within the National Aeronautics and Space Administration (NASA) a national space grant college and fellowship program to provide financial and other assistance for the exploration and development of space resources. Requires such program to advise the Administrator of NASA and coordinate Federal efforts. Authorizes the Administrator to make grants or enter into contracts to assist any space grant and fellowship program, for up to 66 percent of total cost, except for special grants.

Directs the Administrator to make grants or enter into contracts for up to 100 percent of costs for identified specific national needs and problems relating to space.

Authorizes the Administrator to designate any institution of higher education as a space grant college if it maintains a balanced program in fields related to space and meets other qualifications. Authorizes the Administrator to designate an association or alliance as a space grant regional consortium if it is established to share research and facilities in any field related to space and meets other qualifications.

Directs the Administrator to support a space grant fellowship program for educational and training assistance to graduate students in fields related to space.

Directs the Administrator to establish the space grant review panel as an independent committee to advise the Administrator on implementing the program.

Requires interagency cooperation among all Federal agencies with authority over matters relating to space, authorizing the sharing of personnel and facilities and requiring the sharing of information.

Directs the Administrator to report biennially to the Congress and the President on the activities of the program, subject to the review of the Directors of the Office of Management and Budget and of the Office of Science and Technology Policy.

Authorizes appropriations for FY 1988 through 1991.