The "Preparing for the Future Act" proposes to amend the Public Health Service Act by creating a new grant program aimed at increasing the number of school psychologists. This program, to be established by the Assistant Secretary for Mental Health and Substance Use, would provide financial assistance to eligible undergraduate and graduate students. Students could receive $8,000 per year, up to a maximum of $16,000 for undergraduate/post-baccalaureate study and $16,000 for graduate study, to help cover educational costs. To qualify for the grant, students must demonstrate academic eligibility, including a minimum GPA or high academic aptitude, and outline an educational plan to obtain a school psychologist credential. A core requirement is an agreement to serve as a full-time school psychologist for at least four academic years within an eight-year period following graduation. This service must be completed in a "covered school," defined as a public or nonprofit private elementary or secondary school with a school psychologist-to-student ratio less than 1 to 500, and located in a school district eligible for Title I assistance. Failure to complete the service obligation will result in the grant being converted into a Federal Direct Unsubsidized Stafford Loan, subject to repayment with interest. However, the bill includes provisions for reconsideration of such conversions and allows for extenuating circumstances. The Assistant Secretary is also mandated to report biennially on the program's effectiveness, including the impact on school psychologist-to-student ratios and student well-being in participating schools, with appropriations authorized to fund the program.