I'm thinking of taking the fall for the girl I love, and then getting cold feet and reporting the violations.
I am not sure I understand. Why should you take the fall for the girl you love?
She doesn't want to lose her ambitious plan for entering college because of this event.
It's okay to look out for yourself in important matters, but if you report her then she will get in trouble. Her plan might get postponed a little due to the fallout, but its fair if she was the one who made the mistake. If you had a relationship before though she may not trust you anymore.
It's what I want to do. I'll call her and tell her to report herself to avoid any loss of information.
It is good to feel loyal to your partner but you should also not jeopardize your own well being or plans.