I have a feeling it could get some jail time. You are supposed to report dropping of classes to the financial aid office so your aid can be modified. Not doing this and also just keeping the money may be grounds to be hit with a fraud charge. Never the less, it isn't something I would want to risk.
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It's not illegal, but I am of the opinion it is utterly wrong, but that's another discussion for another day.
I have a feeling it could get some jail time. You are supposed to report dropping of classes to the financial aid office so your aid can be modified. Not doing this and also just keeping the money may be grounds to be hit with a fraud charge. Never the less, it isn't something I would want to risk.