Will they cut my Financial Aid if..

You can't get financial aid unless you're in a university, so you have to go somewhere. Furthermore, you might want to check with your health insurance as sometimes they require that you are in a university at least full-time to qualify for their insurance (mine does).

Your loans will go into repayment in six months. However, you can apply to other universities in those six months and, if you get accepted, get a deferral until after you've graduated from that university. Make sure to do this before the six month deadline.

One semester won't kill you. Two will.