ARPA-ED Act - Authorizes the Secretary of Education to reserve up to 30% of amounts appropriated for the Investing in Innovation Fund under the American Recovery and Reinvestment Act of 2009 to establish and carry out the objectives of the Advanced Research Projects Agency-Education (ARPA-ED).

Requires the Secretary to appoint to the ARPA-ED, for terms of up to four years, individuals who have expertise in carrying out the Agency's objectives.

Requires the ARPA-ED to: (1) identify and promote advances in learning, fundamental and applied sciences, and engineering that may be translated into new learning technologies; (2) develop, test, and evaluate new learning technologies and related processes; and (3) accelerate transformational technological advances in education.

Directs the Secretary to award grants, contracts, cooperative agreements, or cash prizes to, or enter into other transactions with, public or private entities in pursuit of these objectives.

Directs the Secretary to: (1) convene an advisory panel to provide the Secretary and the ARPA-ED with advice in making those awards or entering into those transactions; (2) obtain independent, periodic, and rigorous evaluations of the ARPA-ED's effectiveness; and (3) disseminate information to education practitioners on effective practices and technologies developed through the ARPA-ED.