Youth Service Scholarship Act of 2001

Youth Service Scholarship Act of 2001 - Amends the Higher Education Act of 1965 to establish a Public Service Incentives college scholarship program to reward low- and moderate-income students who have, during high school, and who continue, during college, to make significant public service contributions to their communities.

Requires 300 hours of public service by the student: (1) during each of two academic years of secondary school, to be eligible for a scholarship for the first year of college; and (2) during the preceding postsecondary academic year, to be eligible for a second, third, or fourth year.

Requires such students to: (1) have been eligible for a free or reduced price lunch under the Richard B. Russell National School Lunch Act; and (2) be eligible to receive Federal Pell Grants in the year in which the scholarships are awarded. Sets the scholarship amount at $5,000 for any academic year during a student's first four years of undergraduate education, and provides for adjustments of such amount in the event of insufficient appropriations.