this might be a really stupid question..

Paying for College
1

<p>okay, so they ask for your savings in your bank accounts when considering financial aid..</p>

<p>how are they going to know how much money you have in your bank account? say that you have a separate bank account with lots of money in it and don't report it.. Can they find out?</p>

2

<p>In theory, yes. FAFSA, being a federal form, can be automatically (amazing, these computers) cross-checked with IRS data. All bank accounts must be registered by SSN. The size of the account can be estimated from the earnings data sent to the IRS.</p>

3

<p>When they see your income tax return with a large interest amount, they can extrapolate the underlying bank account levels, that's when the finaid officer starts asking for copies of all your bank records etc</p>

4

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<p>That would be considered fraud...and if you do this you would not only jeopardize your financial aid but could also jeopardize your acceptance. Schools value honesty. Don't lie on your financial aid forms.</p>

5

<p>
[quote]
you would not only jeopardize your financial aid but could also jeopardize your acceptance.

[/quote]

It also would jeopardize your criminal record, if not your freedom. Lying on the FAFSA is a federal crime.</p>