The idea that one can never again obtain formal education if he drops out of college is absurd, and I hope the quote about "screwing up one's career" was taken

The idea that one can never again obtain formal education if he drops out of college is absurd, and I hope the quote about "screwing up one's career" was taken out of context. Many universities require that all credits for a degree be earned within N years of each other, but N is usually a very large number compared to the timelines of 20 year-old dropouts. Furthermore, who would want a "career" where those evaluating you looked negatively upon having once done a start-up. Are there any universities which, in practice, will not take back a student who left on good terms (passing grades, left at the end of a semester vs. in the middle, etc.)? My guess is that the real risk is that scholarships would not be renewed and the returning drop-out would have to pay full fare.