Preserving Educational Opportunities for Immigrant Children Act of 2001

Preserving Educational Opportunities for Immigrant Children Act of 2001 - Amends the Immigration and Nationality Act to define "transplanted child" as an alien who has been granted cancellation of removal or who has such an application pending.

Amends the Illegal Immigration Reform and Responsibility Act of 1996 to eliminate the provision prohibiting postsecondary education benefits based on State residency to an illegal alien unless a U.S. citizen or national is eligible for similar benefits without regard to such residency.

Amends the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 to make transplanted children eligible for public benefits.

Amends the Immigration and Nationality Act to authorize the Attorney General to cancel the removal of, and adjust to permanent resident status, certain aliens under and above the age of 18 with qualifying years of continuous U.S. residency.