WARNING: You must fill out the Free Application for Federal Student Aid (FAFSA) completely and accurately. If you do not provide all the information required to process your application, your federal student aid will be delayed and may be denied. The information provided may be verified by your school, your state agency, or Federal Student Aid.
After you submit a FAFSA, you may be asked to provide U.S. income tax returns and / or other information. If you cannot or do not provide these records to your school when asked, you may not receive federal student aid.
If you receive federal student aid based on incorrect or fraudulent information, you will have to pay it back. You may also have to pay fines and fees. If you purposely provide false or misleading information on the FAFSA, you may be fined up to $20,000, sent to prison, or both.
All Fraud cases are reported to the Office of Inspector General (OIG).
Source: fafsa.ed.gov