College Affordability and Innovation Act of 2014

[AI summary unavailable — showing source text] College Affordability and Innovation Act of 2014 - Directs the Secretary of Education to award 5-year grants to up to 15 institutions of higher education (IHEs) to carry out new or existing high-quality programs designed to graduate students with certificates or degrees at significantly lower student costs and within shorter time periods than traditional programs. Includes among those programs, those that: use online instruction; use direct assessments rather than credit hours or clock hours as the measure of student learning; integrate experiential learning and customized curricula to promote completion or alignment with medium- and long-term employment needs; allow students to be dually or concurrently enrolled in the postsecondary program and a secondary school, or a postsecondary program and a graduate program; or use any other innovative, evidence-based method of providing students with a cost-effective, high-quality, postsecondary education. Authorizes the Secretary to waive the application to grantees of specified provisions of the Higher Education Act of 1965 (HEA) that would inhibit their operation of innovative education programs. Directs the Secretary to: establish and a…