Department of Education Elimination Act of 2014 - Abolishes the Department of Education (Department) and repeals any program for which it or the Secretary of Education has administrative responsibility.
Directs the Secretary of the Treasury to provide grants to states, for FY2015-FY2024, for any: (1) elementary and secondary education purpose permitted by state law, and (2) postsecondary education purpose permitted by state law. Sets the funding level for those grants at the amount of funding provided to states for federal elementary and secondary education programs and the amount provided for federal postsecondary education programs, respectively, for FY2012, minus the funding they were provided for education programs that this Act transfers to other federal agencies.
Requires states to contract for an annual audit of their expenditures or transfers of grant funds.
Requires the transfer of:
Sets a fiscal year cap on Federal Pell Grant funding.