Hi again,
I can't really answer your questions, but I can tell you what I know. First of all, each college/university is different, so how many credits you can earn will be entirely up to your college. My university did not award any, but another university in my state awarded 12 credits (full time here). As for being lazy or irresponsible, that is not true of everyone. Yes, some people just want to come and play, others are very interested in working and networking within the travel/tourism industry, and others (like myself) are true disney fanatics who want the opportunity to "be part of the magic". Everyone has their reasons. If it is really important to you, then make up the classes you will miss this summer and next. You should still be able to graduate on time. And if you are one of those people interested in some business or tourism related career, then this can be a very good work experience. If you complete the CP, you can then apply for real internships in your field of interest (like human resources for example). As for losing your financial aid/scholarships, definitely check with your university now about that. Nothing is worth that, so you might have to postpone your CP experience till the summer.
The CP is a great experience, but it can also be a difficult one. You are far away from family and friends, your job will inevitably suck (in some way or another), and you will make NO money (don't even think about saving). On the other hand, you will really get an in-depth understanding and knowledge of WDW. You will be part of the magic, and you will remember the experience forever. It can be a lot of fun being on the inside, just walking into the parks for free, learning all the inside secrets, and helping guests. So I would encourage you to do it, because if you don't, then you might always wonder "what if".
Anyway, feel free to ask away if you have any more questions.
Allison