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What you ought to do is lie outright on the FAFSA. Just don't fudge your actual income records, as they verify that against your W2 records from the IRS. But as for assets, they are not reported to the IRS (other than the income flow generated thereby, and extrapolating the value of the underlying asset from that is impossible.)

So don't report your assets, or greatly understate them. Sure, it's illegal, but so are lots of other things your kids will be doing at college, and the odds of anyone actually getting prosecuted for "forgetting" some dormant asset that gosh, they just didn't think about at the time they filled out the FAFSA, are negligible.

The government isn't honest about the financial aid game, why should you be? By playing honestly in a corrupt system, you put yourself at a disadvantage.
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