If you drop a class or drop out of college, you may have to repay all or part of the financial aid you received. How much depends on the type of financial aid and when you dropped the class or left school.  Even though the Federal Pell Grant is a grant that normally does not need to be repaid, you may have to repay all or part of it in certain circumstances.  And let's face it, even the best students may drop a class here and there. So here's what you need to know about the impact on your financial aid if you drop a class or even drop out.