Overseeing the GI Bill Act of 2021 This bill requires the Department of Veterans Affairs (VA) to implement an information technology service using one or more commercial software systems to process claims for VA educational assistance benefits. Under the bill, the VA must ensure the service has specified capabilities, including the ability for entitled individuals to electronically apply for, withdraw from, transfer, and amend their educational assistance entitlement. The VA must annually report on the updated cost, schedule, and performance of the project for implementing the information technology service. Additionally, the VA must submit a notification if certain actions occur, such as an instance where a key business objective is not attained.