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I read somewhere (im pretty sure unless its my imagination) that UPenn Undergrad does not require its students to hold a high school diploma in order for them to matriculate into their upcoming academic class?...so...lets say i ED'd to UPenn and got in...what stops me from dropping out of high school and pursuing other activities such as independent science research project for 8 months till college starts? or obtain a job to raise money for college? any opinons? thanks.
Your acceptance is based partially on the fact that you are planning to graduate from high school. You would have to clear your plans with the admissions office before doing anything, since Penn can revoke your acceptance at will. You are allowed to take a gap year, but you are basically barred from dropping out of high school. Of course, if you can graduate high school early, you're fine.