Financial Aid Abuse Act

[AI summary unavailable — showing source text] Financial Aid Abuse Act - Amends the Higher Education Act of 1965 to prescribe specified criminal penalties for the misuse or misappropriation by persons connected with federally assisted educational entities of Federal funds, assets, or property. Prescribes criminal penalties for obstructing any lawful investigation under such Act and for knowingly and willfully making or causing to be made false statements for the purpose of securing accreditation as required by such Act. Charges the Secretary of Health, Education, and Welfare with responsibility of enforcing the provisions of this Act, and grants the Secretary specified enforcement powers. Authorizes the appropriation of such sums as are necessary to carry out the pruposes of this Act.…