Lynn O'Shaughnessy, author of The College Solution blog, lays out her top 6 reasons to keep it honest when applying for financial aid:

1. Providing false information on the FAFSA is a federal crime.

2. If caught, you can’t keep the money.

3. You might get kicked out of school.

4. Cashing out assets creates a paper trail.

5. It’s pointless to hide assets.

6. You probably won’t get away with it.

Click here  for more explanation on the consequences of cheating on financial aid forms.