College Affordability for Working Students Act - Amends the Higher Education Act of 1965 to authorize the Secretary of Education to carry out a Demonstration Loan program providing guaranteed and direct loans to less than half-time students for not more than six terms, semesters, or substantially equivalent periods of enrollment over the duration of the students' studies.
Limits program participation to up to 100 institutions of higher education or consortia of IHEs.
Requires program loans to be: (1) subject to deferral of repayment while the borrower is enrolled as a student, even if less than half-time; and (2) repaid pursuant to a repayment plan selected by the borrower that commences six months after the borrower's enrollment ends.
Authorizes the Secretary to waive, for IHE participants, certain requirements limiting what may be included in the cost of attendance for less than half-time students.