Veterans Education Equity Act of 2011 - Revises the formula for the payment by the Department of Veterans Affairs (VA) of tuition and fees for individuals entitled to educational assistance under the Post-9/11 Educational Assistance Program and pursuing programs of education at public institutions of higher learning to include, as an additional payment formula, the greater of: (1) the actual net costs for in-state tuition after applying the receipt of any tuition waivers, reductions, scholarships, or other assistance; or (2) $17,500 for the academic year beginning on August 1, 2011 (such amount to be increased each subsequent year by the average percentage increase in undergraduate tuition costs).