Investing for Tomorrow's Schools Act of 2002

Investing for Tomorrow's Schools Act of 2002 - Authorizes the Secretary of Education to enter into cooperative agreements with States to establish State infrastructure banks and multistate infrastructure banks to make loans to: (1) local educational agencies for building or repairing elementary or secondary public schools; and (2) public libraries for building or repairing library facilities.

Grants consent of Congress to States to enter into a cooperative agreement with the Secretary, as well as an interstate compact, to establish a multistate infrastructure bank. Prescribes infrastructure bank requirements. Requires infrastructure bank loans to be used to supplement, not supplant, other Federal, State, and local funds. Prohibits construing Federal contributions to such infrastructure banks as a Federal commitment, guarantee, or obligation to any third party. Directs the Secretary to review the financial condition of each infrastructure bank.