All-STAR Act of 2011

All Students Achieving through Reform Act of 2011 or All-STAR Act of 2011 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to direct the Secretary of Education to award competitive grants to certain eligible entities and, through them, subgrants to successful public charter schools to allow such schools to expand or replicate to serve additional students.

Lists, as eligible grantees, state and local educational agencies, authorized public chartering agencies, and tax-exempt organizations that have successfully supported the replication and expansion of such schools.

Sets forth the attributes that are to give such entities grant priority, including their serving or planning to serve a large percentage of low-income students from public schools with low-graduation rates or schools identified as needing improvement, corrective action, or restructuring under the ESEA.

Authorizes grantees to use up to 25% of a grant to establish a reserve account to assist them in acquiring and developing new facilities for successful public charter schools through: (1) credit enhancement initiatives, (2) the establishment of revolving loan funds, (3) direct spending or financing, or (4) partnerships with community development or other mission-based financial institutions.

Directs the Secretary to conduct an independent, comprehensive, and scientifically sound evaluation of the effect this Act's initiatives have on student achievement and other areas, as determined by the Secretary.