Foreign Medical School Accountability Fairness Act of 2014 - Amends the Higher Education Act of 1965 to eliminate the exemption of certain foreign medical schools from the prohibition on foreign medical schools participating in the William D. Ford Federal Direct Loan program, unless:

• at least 60% of those enrolled in, and at least 60% of the graduates of, the foreign medical school during the preceding year were not citizens, nationals, or permanent residents of the United States or were not in the United States with the intention of becoming citizens or permanent residents; and
• at least 75% of students or graduates of the medical school located outside the United States or Canada who took the examinations administered by the Educational Commission for Foreign Medical Graduates in the preceding year received a passing score.

Preserves the Direct Loan eligibility of students who were enrolled at schools excepted from that prohibition on or before the date of this Act's enactment.