Advancing Competency-Based Education Demonstration Project Act of 2014

[AI summary unavailable — showing source text] Advancing Competency-Based Education Demonstration Project Act of 2013 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to select institutions of higher education (IHEs) for voluntary participation in Competency-Based Education Demonstration Programs that provide participating IHEs with the ability to offer competency-based education that does not meet certain statutory and regulatory requirements that would otherwise prevent them from participating in federal student aid programs. Defines "competency-based education" as an education process that is characterized by the direct assessment and measurement of student learning instead of, or in addition to, measuring students' credit or clock hours. Deems IHEs to be eligible to participate in a Program if they are eligible to participate in title IV programs or have been approved by the Secretary to offer programs that measure student learning through direct assessments rather than credit or clock hours. Requires Program applicants to provide the Secretary with a description of the statutory and regulatory requirements they would like waived and the reasons for se…