Greater Insight into Foreign Transactions in Higher Education Act of 2021 or the GIFTs in Higher Education Act This bill revises certain disclosure requirements for institutions of higher education (IHEs). Under current law, an IHE must disclose to the Department of Education (ED) a gift or contract from a foreign source that is valued at $250,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign source. This bill extends the disclosure requirement to include faculty, professional staff, and all staff engaged in research and development at the IHE. Further, an IHE (including faculty and staff) must disclose to ED a gift or contract from a designated foreign adversary source that is valued at $50,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign adversary source within a calendar year. The IHE must, within 30 days of receipt of the gift or contract, file a disclosure report with ED. ED must, within 30 days of submission, publish online these disclosure reports. Next, the bill requires each federal agency to ensure that no federal funds are distributed to an IHE that knowingly or willfully violates these disclosure requirements. The bill also prohibits an IHE that knowingly or willfully violates these disclosure requirements from receiving federal education funds, with an exception for federal student-aid program funding.