Education Technology Equity Act of 2001

Education Technology Equity Act of 2001 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to: (1) reserve half of one percent of funds authorized under this Act for FY 2002 through 2006 for grants to Guam, American Samoa, the U.S. Virgin Islands, the Commonwealth of the Northern Mariana Islands, the Republic of Palau, the Marshall Islands, and the Federated States of Micronesia; (2) reserve one percent of such funds for the Secretary of the Interior to carry out programs for Indian children; and (3) allocate the remainder of such funds to States according to a formula based in part on eligibility under the national school lunch program.

Requires each State educational agency seeking a grant under this Act to submit an application providing assurances that the State will provide technical assistance to local educational agencies (LEAs) in developing a comprehensive system for the acquisition and use of technology and technology-enhanced curricula, instruction, and administrative support services. Requires each LEA seeking a grant to submit an application which includes: (1) the student to computer ratios; (2) the Internet connectivity of schools to be served; and (3) a plan for the acquisition and use of technology.

Requires each LEA receiving a grant to use such funds to purchase computers for classrooms and related activities (teacher training, computer maintenance and support, home computer use by students).