I would dump him. Lying is a big deal to me. I'd go so far as to say its a deal breaker. I am not rationalizin mind you, if he lied about his favorite color to you I would dump him just over that. Not because of what he lied about but just because he lied.

Just think joe, if he will lie to you about such piddly crap as what is god dam age is and what school he goes to....he will indeed lie about things far greater. You are building a relationship on a flimsy foundation.