Teacher Recruitment and Retention Act of 2001

Teacher Recruitment and Retention Act of 2001 - Amends the Higher Education Act of 1965 to revise student guaranteed and direct loan forgiveness programs for teachers.

Extends program eligibility to any borrower by eliminating requirements allowing only certain new borrowers to participate.

Expands eligible teaching locations and subjects.

Eliminates a service requirement that an individual teach at least five consecutive complete school years before being eligible for program benefits.

Increases from $5,000 to $10,000 the aggregate amount of an individual teacher's student loan obligation which may be forgiven, and revises the rate of repayment.