http://answers.yahoo.com/question/index?qid=20090122124817AAj1qZK
Lying on a federal application is committing fraud and will put you in serious trouble when you get caught. You can be fined, receive jail time, lose any chance of getting financial aid in the future, no longer be allowed to attend the school you want, or a multitude of those things.
When you electronically sign the FAFSA there is a statement that reads something like, "Under the penalties of perjury I affirm this information is true...." If you knowingly submitted incorrect information that is fraud and you can be subject to paying back all of the money you received as a result of the fraud as well as being subject to fines, jail or both. Here is a link to a website that discusses fraud on the FAFSA
http://www.finaid.org/educators/fraud.phtml#common
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