In terms of attendance, each day that you call out is 1 point. If you are late it is a 1/2 point. At least when I did my CP in Fall 2008, you would receive a reprimand if you acquired either (A) 3 points in 30 days (B) 6 points in 60 days or (C) 9 points in 90 days.
In general, 3 reprimands is immediate termination from the CP .
HOWEVER keep in mind that CPs are not protected by the union and our contract states we can be termed anytime for any reason. don't misinterpret that to mean that managers want to get rid of us... we are great workers, cheap, and work the hours no one else wants !!

But this does mean that if other issues become a problem like attitude and professionalism, its possible to be termed after only 2 reprimands. I have heard of this happening.
There are other types of reprimands, like on Attractions there are "safety reprimands" for negligence in safety positions and such. There are also "clocking points" -- basically to deter people from failing to clock in at the beginning and end of their shifts. So if you fail to clock in or out you will get a 1/2 point for clocking.
Don't let this scare you. Disney has these policies because they are so huge and they need consistency. But if you are a good worker, don't call out too much, and don't act inappropriately towards guests and coworkers you will leave your program with a favorable rehire status and will be able to come back for another semester.
If your record card is bad when you leave, you may get a restricted rehire status. If you get terminated for any reason, you will definitely have a restricted rehire status. This means basically that you are not eligible for rehire for 6 months after your program and even THEN you'll have to (in most cases) submit rehire paperwork. Then a committee decides whether or not to lift your rehire status. From what I can gather they're usually looking to see that you've "learned your lesson" so to speak and gotten more responsible in your time away from the company. The general baseline is that they want to see that you have worked at least 6 months straight in a job (from what I hear). Even then its totally subjective and they may still deny your rehire status. I've never been through this process but I have friends that have gone through this.
So my advice - don't get fired

. Really though, there are always part-timers trying to get FT status who are looking for more hours. So try to give shifts away instead of calling out and such.
Keep an eye on your record card. If anything looks odd to you report it right away. For example, one day the A bus broke down and a ton of CPs were late getting to the Magic Kingdom. We were told we would not get a 1/2 point for tardiness since it was the bus system provided by Disney for CPs. Then I noticed it was on my record anyways! I talked to a couple managers and got it taken care of.
Disney wants us to be successful. I know some people have had poor management in their areas (the same is true everywhere) but in most cases the managers are really supportive and helpful for the CPs.
Hope this helps! I'm on a train and really bored so I realize its long and rambling lol.