Desert Shield and Desert Storm Military Personnel Student Financial Aid Fairness Act of 1991

Desert Shield and Desert Storm Military Personnel Student Financial Aid Fairness Act of 1991 - Amends the Higher Education Act of 1965 (HEA) to direct the Secretary of Education (the Secretary) to waive or modify any statutory or regulatory provision applicable to HEA student assistance programs to ensure that those serving on active duty in connection with Operation Desert Shield or Desert Storm: (1) are not placed in a worse position financially in relation to their Stafford or Perkins loans because of such service; (2) have administrative burdens eased and avoid inadvertent technical defaults with respect to student loans under HEA title IV; and (3) do not have their future eligibility for Pell Grants reduced by the amount of assistance awarded for the instruction period they were unable to complete because of such service. Directs the Secretary to publish notice of such waivers or modifications.

Expresses the sense of the Congress that all institutions offering postsecondary education should provide at least a pro rata refund or credit for tuition and fees for that portion of an instruction period that any Armed Force or Reserve member was unable to complete because of active duty service in connection with Operation Desert Shield or Desert Storm. Directs the Secretary to: (1) encourage institutions to provide such refunds or credits; and (2) report to the appropriate congressional committees on their actions, including information on any institutions not providing such refunds or credits.