SMART Grant Reauthorization Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to eliminate the program awarding Academic Competitiveness Grants to first- and second-year undergraduates who completed a rigorous high school curriculum and are eligible for Federal Pell Grants.

Reauthorizes and appropriates funds through FY2020 for National Science and Mathematics Access to Retain Talent Grants (SMART Grants) currently awarded to third, fourth, and fifth-year undergraduates who are eligible for Pell Grants and are pursuing:

• a major in the physical, life, or computer sciences, mathematics, technology, or engineering or a critical foreign language; or
• equivalent coursework in a qualifying liberal arts program that does not allow students to declare a major in a particular subject matter.

Limits SMART Grant eligibility to students who are pursuing a major in the physical sciences or are pursuing equivalent coursework in a qualifying liberal arts program that does not allow students to declare a major in a particular subject matter.

Terminates the Secretary of Education's authority to award SMART Grants at the end of award year 2020-2021.