Recruit and Reward Future Math and Science Teachers of America Act of 2001

Recruit and Reward Future Math and Science Teachers of America Act of 2001 - Amends the Higher Education Act of 1965 to establish the National Math and Science Teacher Scholarships pilot program to recruit and train future secondary school mathematics and science teachers.

Authorizes the Secretary of Education to award competitive grants to higher education institutions with graduate programs in teacher training to make such scholarships to outstanding students enrolled in such programs who are committed to pursuing careers in secondary school mathematics and science teaching.

Makes institutions eligible only if they are ranked by the Secretary in the top 25 percent of schools in their States with the highest percentage of graduates passing the State teacher qualification assessment for new teachers. Gives priority to institutions with one or more of the following: (1) a year-long internship program in a professional development school; (2) mentoring programs for novice teachers in their first three years; (3) a history of placing graduates in rural and urban schools; and (4) a high retention rate of teachers that the institution places in teaching positions.

Requires scholarship recipients to agree to teach in an urban or rural public secondary school for at least three full academic years, or repay the pro rata amount of awards received, plus interest, for any failure to fulfill such obligation, with specified exceptions.