I've lived in the USA for more than 14 years and have had my TPS. Which I renew every year. Though for FAFSA and government scholarships I'm not eligible because as far as I know TPS is not accepted and who have this don't get aid. I want to know if the Deferred Act is something I should apply for, or just not worry about that. Since with TPS I have permission to live here and work as well.
No. I would do that. DACA will not make you eligible either. You might be eligible for instate tuition rate in some states with DACA but not financial aid.
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Because you are on TPS, you are not eligible to apply for DACA. In order to qualify for DACA you must demonstrate that you currently have no immigration status and that you were not in any lawful status on June 15, 2012.