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I'm wondering...Can a school or the government require you and/or your bank to verify how much money is in your personal bank accounts? If not, what's to stop people from putting falsely low numbers on their FAFSA application to increase their chances of getting subsidized loans?

They can require you to verify every single item on a FAFSA pretty much whenever they want. IIRC, there is a selection of aps pulled for verification at each college. Look atthe definition of verification here :

The other deterrent is that putting falsely low numbers on a FAFSA intentionally would probably be considered committing fraud against the government. There is a statement somewhere on the FASFA about providing complete and true information that gets signed.

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