Veterans and Servicemembers Education Benefits Act of 1981

Veterans' and Service-members' Education Benefits Act of 1981 - Establishes a Veterans' and Service Members' Education Benefits Program for veterans who have served on active duty for a period of two years or more after September 30, 1981. Entitles eligible veterans to one and one-half months of educational assistance for each month of such veteran's service and makes such veterans eligible for education loans.

States that such veterans are eligible for educational assistance for the ten-year period following their discharge or release date. Sets forth conditions for extending any applicable time period for such veterans who are prevented from initiating or completing a program of education under certain circumstances.

Directs the Administrator of Veterans' Affairs to pay an educational assistance allowance to eligible veterans in the program.

Makes any person who, after September 30, 1981, performs four years of service as a member of the Selected Reserve eligible for educational assistance limited to a maximum of 36 months, and an educational assistance allowance equal to one-half that of an eligible veteran.

Grants to eligible veterans, who have served on active duty for eight years or more, the right to transfer educational assistance entitlements to such veterans' spouses or children in such manner as prescribed by the Administrator and under limitations set forth in this Act.

Terminates the Veterans' Educational Assistance program after December 31, 1989, or four years after any eligible veteran's discharge or release date, whichever is later.