The number one consequence for cheating on an exam is a grade of zero. A zero on any exam isn't good; however, depending on the course and the importance of the exam, this can mean failure of the course as a whole. Even if the exam was not a large part of the student's grade, the disciplinary board may fail the student for the entire course, should the professor choose to report the cheating party. A student can be put on academic probation for a first-time offense. Repeated incidents may lead to expulsion.
While there may be no direct consequences of the student's cheating after some time has passed, there are repercussions caused by the original consequences. A failed course can drastically drop the student's grade point average, making it extremely difficult to find internships or obtain letters of recommendation from professors. This can make it hard for the student to start a career in her chosen field, making her entire education almost unnecessary.
If the professor feels that a student has cheated unknowingly, whether out of a misunderstanding or carelessness, the professor can begin informal procedures. The professor may approach the student informally and discuss options for a solution. This may mean a grade reduction, a re-submission or a combination of both.
Students who are cheating may feel differently about their actions if they understand the effects of their cheating on other students, the professor and even the school. Many times, examinations are graded on a curve, so if everyone is struggling and one person cheats and gets all the right answers, all the other students who would otherwise get a good grade will suffer. The professor must take time out of his schedule to find a solution or report the cheating. Finally, the school can suffer, because the reports of cheating are taken into account and are permanently on its record. A school's reputation may fall if it has a high volume of cheating incidents.