If you're being accused of falsifying your background to get admitted to a school, be it your college or university or graduate program, law school, medical school, it is an incredibly serious allegation. The question would be, did you make a bad faith misrepresentation regarding background, or was it perhaps a good faith mistake, or is it a matter that's subject to interpretation?
If you're being accused of an allegation of this nature, you cannot expect the school to do the right thing or to be immediately receptive to what in fact may be correct. For example, if it was a good-faith mistake, or if it's something that's subject to interpretation. If you're already in school, and the school were to find you responsible, the unfortunate reality of this is is that you most likely would be expelled from the program.
Even if the school finds out after you graduate, they can revoke the degree. You need to take the necessary precautions when you're responding to such an allegation. It needs to be done in the best manner possible. Having an experienced attorney advisor will be your best ally to help you understand and navigate the process. They should be involved as early as possible in the case.