Veterans Rehabilitation and Education Adjustment Act of 1981

Veterans' Rehabilitation and Education Adjustment Act of 1981 - Permits the Administrator of Veterans' Affairs to establish Veterans' Benefits Counselors to provide assistance and outreach benefits to veterans and eligible persons at locations such as school campuses. Eliminates the periods of eligibility restriction for vocational rehabilitation. Arranges for money to be transferred between the revolving fund loans and appropriations for readjustment benefits for veterans pursuing rehabilitation programs.

Includes within the term "program of education" any course pursued by a veteran because it is required as a condition to obtaining financial assistance under the Small Business Act. Eliminates the restrictions on enrollment in certain courses for both veterans and eligible dependents. Disapproves any sales or sales management course which does not provide specialized training within a specific vocational field. Permits a veteran to retain educational assistance to pursue continuing education or training in a field in which such veteran has already qualified if required by law to attain relicensure or retain employment in a particular profession or vocation.

Requires the forfeiture of educational benefits for fraud.

Extends for one year deadlines in the Armed Forces educational assistance program for members on active duty.