<p>Absolutely do not lie. It is not worth it. You can explore your options:</p>
<p>[IFAP</a> - EFC Formula Information](<a href=“http://www.ifap.ed.gov/efcinformation/0809EFCFormulaGuide.html]IFAP”>http://www.ifap.ed.gov/efcinformation/0809EFCFormulaGuide.html)</p>
<p>A large chunk of your assets ($45-50k) are protected from FAFSA consideration. You may decide to move around some of the assets, for instance take a chunk of money above the protected amount and pay down the mortgage and that amount is now protected.</p>