Native American Education Equity Act of 2001

Native American Education Equity Act of 2001 - Amends the Higher Education Act of 1965 to establish a program that provides grants and related assistance to higher education institutions serving Native Americans.

Defines "Indian Tribe" and "Native American-serving institution."

Sets forth examples of authorized activities to which grants may be applied such as: (1) buying, renting, or leasing scientific equipment for educational purposes; (2) renovating and improving classrooms and libraries; (3) supporting faculty exchanges and faculty fellowships; (4) funds and administrative management; and (5) academic tutoring and counseling programs.

Directs the Secretary to create a streamlined format enabling qualified institutions to apply for assistance.