<p>they won’t adjust your need-based aid (I have no idea about merit-based aid, but most people don’t have that anyway). They could conceivably take away your acceptance or start you on academic probation if your grades drop too much, but they’d probably have to drop quite a bit. The rule of thumb I used to hear in high school was you should worry if you go down more than one full letter grade in any class (so if the transcript you submitted to them showed you with a B+ in history, don’t go below a C+ for the year), or if you go down in the majority of your classes. But Smith probably doesn’t have a hard and fast rule.</p>