Indian Postsecondary Educational Assistance Act - Makes it the purpose of this Act to provide grants for the development and improvement of Indian community colleges designed to insure continued and expanded opportunities for Indian students in postsecondary study. Authorizes the Commissioner of Education to make grants to Indian community colleges up to September 30, 1981. Specifies the uses of funds granted under this Act. Authorizes the appropriation of $75,000,000 without fiscal year limitation through fiscal year 1981 to carry out this Act.