| Many people want to lie on their financial aid | | | | information to fill out your FAFSA. This |
| application for college. Many parents and students | | | | information will be used to compare with the |
| think that no one will find out if they do so. This is | | | | original numbers you have submitted. If they are |
| about as far from the truth as you could possibly | | | | off, your EFC, expected family contribution, will be |
| get. Yes, some people can get away with lying | | | | changed. This will affect your ability to borrow |
| and cheating. There is a chance however, a very | | | | money for college. |
| good chance, that you will get caught. | | | | Colleges have no choice but to verify this |
| Colleges have the right to audit you and your | | | | information. The government requires that a |
| family whenever they feel the need to do so. | | | | randomly verify about one third of the students |
| Just like the IRS can offer you because they | | | | applying for financial aid. You can be 18 years old |
| think you are not paying enough money in taxes, | | | | and applying for your first year of college, or you |
| the college can audit you as well. They all to you | | | | could be a 32-year-old veteran going back to |
| for the opposite reason though, which is to see if | | | | college, and it does not matter. |
| you're getting too much assistance for your | | | | Red flags on your financial aid application will also |
| college tuition. | | | | raise questions. If you report that you have |
| Colleges and universities called this process | | | | $250,000 in the bank, and you make $30,000 a |
| verification, not an audit like the IRS. Many | | | | year and income, this is a red flag. Many colleges |
| students are required each and every year to | | | | and universities will want to audit your financial aid |
| submit, and detail, all of their family's financial | | | | application themselves, not having anything to do |
| information. | | | | with the government. |
| It is estimated that a minimum of one third of the | | | | The best way to do this is to be honest 100% of |
| students applying for financial aid will have to go | | | | the time. You should submit the same numbers |
| through the verification process. This does not | | | | on your FAFSA as you do your income tax |
| have anything to do with your race, age, or | | | | returns that are filed every year for the IRS. You |
| gender. It really does boil down to who is lucky | | | | will be able to sleep much easier at night knowing |
| and who is not. They will require that you bring in | | | | you have been completely honest, even if that |
| all of your paperwork that you have used for | | | | means you do not qualify for some financial aid. |