Excellence and Accountability in Education Act

Excellence and Accountability in Education Act of 2001 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to revise, and reauthorize appropriations for, certain ESEA programs.

Revises and renames ESEA title I as Student Results programs, including: (1) the basic program for assistance to local educational agencies (LEAs) to help "low-achieving" (renamed from the current "disadvantaged") schoolchildren to achieve high standards; (2) education of migratory children; and (3) programs for neglected or delinquent youth (transfers to title V revised provisions relating to dropouts and dropout prevention). Establishes programs relating to: (1) financial incentives for comprehensive school reform; (2) academic achievement awards and improving State assessments; and (3) required qualifications for teachers and professionals.

Revises and renames ESEA title II provisions as Smart Classrooms programs for teacher professional development, recruitment, and retention, including programs for: (1) qualified teachers in every classroom, with priority for professional development in mathematics and science and fully qualified teachers; (2) transition of career-changing professional to teaching, and troops-to-teachers; (3) class-size reduction; and (4) teacher compensation. Redesignates under title II the National Writing Project (currently under title X). Reauthorizes the Reading Excellence Act under ESEA.

Amends the Higher Education Act of 1965 (HEA) to establish programs for student loan forgiveness for teachers.

Revises ESEA title III (Technology for Education Act). Provides for: (1) a national long-range technology plan and activities; (2) State and local technology innovation and learning; and (3) a program for getting our girls ready for the 21st century (Go Girl) in mathematics, science, technology, and engineering.

Revises ESEA title IV (Safe and Drug-Free Schools and Communities Act), including State grants for drug and violence prevention programs, and national programs. Sets forth programs for alternative education, resource staff for students, and comprehensive technical assistance grants.

Revises and renames ESEA title V as Magnet Schools Assistance, Public School Choice, and National Priorities, including programs for magnet schools assistance and women's educational equity. Transfers to title V revisions of provisions currently under title X, including: (1) the Fund for the Improvement of Education; (2) gifted and talented children's programs (as the Jacob K. Javits Gifted and Talented Students Education Act of 2001); (3) public charter schools; (4) arts in education; (5) the inexpensive book distribution program; (6) civic education; (7) the Allen J. Ellender fellowship program; (8) 21st century community learning centers; (9) a rural education achievement program (but repeals provisions for urban education demonstration grants); and (10) physical education for progress. Transfers to title V revised provisions for coordinated services (currently title XI). Sets forth provisions for assistance to address school dropout problems, including an Office of Dropout Prevention and Program Completion.

Revises ESEA title VIII provisions for Impact Aid.

Revises and renames ESEA title VI as Innovative Education Program Strategies and School Capacity. Revises innovative educational strategies to add requirements for annual performance reporting.

Sets forth a program for school construction and renovation grants.

Revises and renames ESEA title VII as Education of Limited English Proficient Children and Emergency Immigrant Education, including: (1) instructional programs for limited English proficient children (Bilingual Instruction and Academic Achievement Act); and (2) the emergency immigrant education program.

Revises ESEA title IX provisions for Indian, Native Hawaiian, And Alaska Native Education.

Prohibits any services under ESEA from being provided through voucher or certificate.

Prohibits State educational agencies (SEAs) and LEAs that receive ESEA funds from entering into agreements (or allowing schools under their supervision to do so) that allow any person or entity to monitor, gather, or obtain information used to advertise, sell, or develop a product from any student under 18 years of age unless such agreement requires the prior written permission of the parent.

Requires SEAs to: (1) comply with standards for uniform data collection regarding school dropout rates; and (2) develop uniform, long-term suspension and expulsion policies for serious infractions.

Repeals: (1) ESEA title XII, School Facilities Infrastructure Improvement (the Education Infrastructure Act of 1994); and (2) ESEA title XIII, Support and Assistance Programs to Improve Education.

Amends the Education Amendments of 1978 with respect to education programs of the Bureau of Indian Affairs. Amends the Tribally Controlled Schools Act of 1988 to provide for a tribally controlled grant school endowment program.

Amends the Stewart B. McKinney Homeless Act to reauthorize appropriations for homeless education programs and to prohibit States receiving such program funds from segregating a child or youth, either in a separate school, or in a separate program within a school, based solely on such child or youth's status as homeless.