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Wiktionary
drop out

vb. 1 (&lit drop out English) 2 (context idiomatic English) Prematurely and voluntarily leave (school, a race, or the like).

WordNet
drop out
  1. v. give up in the face of defeat of lacking hope; admit defeat; "In the second round, the challenger gave up" [syn: give up, fall by the wayside, drop by the wayside, throw in, throw in the towel, quit, chuck up the sponge] [ant: enter]

  2. leave school or an educational program prematurely; "Many students drop out because they are not prepared for our challenging program"