Immigrant Children's Educational Advancement and Dropout Prevention Act of 2001

Immigrant Children's Educational Advancement and Dropout Prevention Act of 2001 - Amends the Immigration and Nationality Act to direct the Attorney General to cancel the removal of, and adjust to permanent resident status, certain (inadmissible or deportable) alien secondary or college students with qualifying years of U.S. residency. Makes such aliens eligible for Federal and State higher education assistance during the pendency of their application for cancellation of removal.

Amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 to repeal the provision prohibiting an unlawful alien's eligibility for higher education benefits based on State residence unless a U.S. national is similarly eligible without regard to such State residence.