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:

• $8,451 for dependent students;
• $13,135 for independent students without dependents other than a spouse who are single, separated, or married when both spouses are enrolled; and
• $21,060 for independent students without dependents other than a spouse if only one of the spouses is enrolled.

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.)