Working Student Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to increase the income protection allowance for academic year 2015-2016 to:
Increases for academic year 2015-2016 the income protection allowances for independent students with dependents other than a spouse. (These allowances vary depending on the number of such dependents.)
Provides for cost-of-living adjustments to such income protection allowances after academic year 2015-2016. (An income protection allowance is the amount excluded from a student's income in determining the student's need for assistance under title IV.)