Veterans Education and Training Act of 1981

Veterans' Education Training Act of 1981 - Establishes a Peacetime Veterans' Educational Assistance Program for members of the armed forces who enlist or reenlist after the date of enactment of this Act and: (1) serve for no less than two years and are released from such service by honorable discharge, are placed on the retired list or the temporary disability retired list, or are transferred to the Fleet Reserve or the Fleet Marine Corps Reserve; or (2) serve in the Selected Reserves for not less than six years.

Entitles eligible members who serve on active duty to 18 months of educational assistance at the end of 24 months of such service, one-half month of such assistance for each additional month of service up to a total of 36 months, and one month of educational assistance for each month of total service between 36 and 48 months.

Entitles eligible members who enlist for a period of six years of Reserve duty to nine months of assistance upon the completion of two years of service and one month of such assistance for each three additional months of service.

Limits educational assistance entitlements to ten years beyond an eligible member's last discharge or release from active duty.

Requires the Administrator of Veterans' Affairs and the Secretary of Defense, within 90 days of enactment of this Act, to submit a joint report to the Congress on their respective plans for implementation of programs provided by such act. Requires the Secretary to report to the Congress semiannually on the operation of such program.

Terminates the Post-Vietnam era veterans' educational assistance program after December 31, 1981.

Permits the Secretary to grant any eligible member a leave of absence from military duties to pursue an education program for up to 12 months. Requires such members to agree in writing to extend their current enlistment for a period of two months for each month of leave of absence granted. Sets forth the impact of such leave upon the payment of basic pay, determining eligibility for retirement pay, and time in grade for promotion purposes.