As a college drop out, if anyone stumbles across this i hope it helps since I've been seeing these posts everywhere and people still going on about it.
If you decide NOT to go to college or drop out (i dropped out about 3 months in) you lose benefits but there are no fines, no court calls and no jail, that would be a joke.
Yes the law says anyone under the age of 18 must stay in some sort of education, employment or training but that is only if you wish, otherwise your child benefits go away (which is about £13.70 per week if you have siblings, mire if youre an only child) and you will not get YOUR benefits so anything ranging from glasses, prescriptions, dentist etc you will now have to pay for, which isnt fun but it is your choice, first thing anyone should do if they plan to drop out or not go to further education is speak to family.