The prosecutor's office in Fresno said 31-year-old Stacey Kinyada Lee, of Edwards, admitted to the conspiracy, which lasted from April 2008 to March 2012. She recruited people to act as "straw" students, including co-conspirators Deana Nolen, Willie Prude, Cheaney Key and Erisheniqua Dixon.
Lee enrolled the straw students at community colleges and submitted false federal financial aid applications and other false documentation to obtain student assistance funds in their names, including Pell Grants and federal student loans, according to the prosecutor's office.
The other four defendants have already pleaded guilty.
Lee is scheduled to be sentenced in October and faces a maximum sentence of five years in prison.