The penalties can be serious for academic misconduct. It will vary depending on the school involved, also the student in terms of like the alleged misconduct itself. The level that the student is in their higher education will also impact the potential severity of the consequence. A senior is held to a higher level of accountability than a freshman. For example, a graduate student or a professional student be it in law school or medical school would be held to a higher standard than a undergraduate student. It's not just necessarily the immediate sanction though, even if it's something lesser nature such as probation or even a warning is how can impact a person moving forward.
It could be or would be, depending on the circumstance reflected on an academic transcript, especially if there's a separation from one studies due to a suspension, for example, it would, in all instances, be on a person's disciplinary record, and potentially have to be subject to disclosure when a person's applying to graduate school or professional school, or say to potential employer so the stakes are high. You need to have an experienced attorney-advisor in your corner from the start to help best navigate the process and to make sure that the best-informed decisions are made moving forward to try to ensure a favorable outcome.