TEACH for Tomorrow Act of 2021 This bill revises grant programs that support teacher preparation. Specifically, the bill revises the Teacher Quality Partnership program by requiring institutions of higher education (IHEs) to report additional information on the performance of their teacher preparation programs. Further, the Department of Education (ED) must impose a fine on an IHE that fails to provide the required information related to their programs. (Currently, ED may impose such a fine but is not required to do so.) Additionally, the bill revises the eligibility requirements for Teacher Education Assistance for College and Higher Education (TEACH) grants by (1) establishing a minimum pass rate for state assessments used for teacher certification or licensure, and (2) directing ED to continue to make TEACH grants to an ineligible IHE for the duration of each teacher candidate's course of study. ED must issue or revise regulations to carry out this bill.