East Bay Business Daily

What happens if I don't declaire all my assets in the financial aid application for college admission?

I'm just curious to see what might happen if I don't tell exactly how many assets I own. I mean, could the college find out? I'm an international student. The FAFSA doesn't apply to me.

Public Comments

1. You are giving the college all of your tax return information when you fill out your FAFSA, so anything that you claim on your tax return as an asset will be taken into consideration when the college gives you their aid package. I don't know if they verify your information or not, but I would suspect that they do. If they discover discrepancies, they can take back some of the aid they originally gave you if you no longer qualify for it.
2. it depends on if you application was selected for verfication. 30% of financial aid applications at each institution will be selected. If you were, the school's financial aid office will look at your tax information as well as other documentation. at which point, you will basically need to "update" the information on your FAFSA. basically, you need to play dumb because when you signed your FAFSA, you're basically saying that you believe everything you put down as true (to the best of your knowledge). which, of course, we all know it's not true. ;-) ***if you're an international student, you're not eligible for financial aid. if you're going to a private college, they might give you a scholarship. but they have the right to request from you financial paperwork (taxes, w-2s)***
3. There is a process called verification, in which they verify your tax forms with the information you recorded on the FAFSA. If you are selected for this process, you will have to correct the information you put left out. When you sign the FAFSA you are declaring that the information is true and correct. I am sure that they can prevent you from applying for aid in the future, if you lied.