Student Testing Flexibility Act of 2003 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to direct the Secretary of Education to grant waivers of certain annual testing and assessment requirements to States and local educational agencies (LEAs) if they demonstrate that they have: (1) significantly closed the achievement gap between certain groups of students; or (2) exceeded their adequate yearly progress for two or more consecutive years.Requires States and LEAs receiving such waivers to use ESEA annual assessment funds for educational activities which they determine will improve the academic achievement of students attending public elementary schools and secondary schools that fail to make adequate yearly progress. Prohibits such States and LEAs from using such funds to pay a student's private school costs.
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