Universal Military Training and Service Act of 2001 - Makes it the obligation of male citizens and residents between 18 and 22 to receive basic military training and education as a member of the armed forces unless otherwise exempt under this Act. Permits female citizens and residents between such ages to volunteer for enlistment in the armed forces, with acceptance at the discretion of the Secretary of the military department concerned. Limits the period of training to between six months and a year. Permits transfers after basic training of such conscripts/volunteers to national and community service programs to finish the term of service. Provides educational services and Montgomery GI benefits to persons upon completion of their national service.
Uses the existing Selective Service System and local boards for induction. Sets forth criteria for deferments, postponements, and exemptions, including high school, hardship, disability, and health.
Entitles inductees to request a particular service branch. Excludes conscientious objectors from combatant training, but otherwise requires them to take basic training before a permitted transfer to a national service program.