Veterans' Educational Assistance Restoration Act of 2001

Veterans' Educational Assistance Restoration Act of 2001 - Makes eligible for educational assistance benefits under the Montgomery GI Bill an individual who: (1) was not on active duty on October 19, 1984; (2) reenlists or reenters into active duty after such date; and (3) after July 2, 1985, either serves at least three years of continuous active duty or is discharged or released for a service-connected disability, preexisting medical condition, hardship, or a physical or mental condition for the convenience of the Government, as long as such individual completed not less than 30 months of continuous active duty on that date; or (4) is involuntarily released at the convenience of the Government due to a reduction in force. Makes eligible for such assistance a member of the Selected Reserve who: (1) was not on active duty on October 19, 1984, (2) reenlists or reenters active duty after such date; and (3) after July 2, 1985, serves at least two years of continuous active duty and at least four continuous years in the Selected Reserve during which the individual participates satisfactorily in required training.