Protecting Aid for Students Act of 2014

[AI summary unavailable — showing source text] Protecting Aid for Students Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to require institutions of higher education (IHEs) that enroll students who receive title IV grants or loans to establish a system to disburse credit balances to students through electronic payments to a deposit account or a general-use prepaid card with the protections afforded under the Electronic Fund Transfer Act. Prohibits an IHE from: (1) requiring or encouraging a student to select a particular financial institution to which those electronic payments will be made, or (2) denying or causing a delay in the disbursement of credit balances based on the selection by a student of a particular financial institution. Directs the Secretary of Education to conduct a pilot program giving students the option to receive credit balances through the Treasury Direct Express system or another low-cost alternative. Prohibits an IHE that is affiliated with a consumer financial product or service from receiving financial assistance under the HEA unless it: develops a code of conduct with respect to affiliated consumer financial products or services with which associated indiv…