I enrolled in online school earlier this summer, was awarded two Stafford loans (sub and unsub) and a Pell grant. I received the first half of these funds and sent a chunk of them to the school. I've completed six credits and am distinctly not enamored with this school (and am rethinking my decision to return to school altogether, honestly). If I don't return to "class" by September 22, I will be formally dropped and will have to return my student aid funding. What I need to know is, will they want ALL of he first disbursement back, or only a portion? And if they do want it all back, will it be possible to make some kind of payment arrangement?

Without knowing the drop/cancel dates for you school or how their withdrawal policy works, no one can give you an answer. You will need to refer to your school's handbook or website.

If you wait to be dropped, you may end up being charged for the classes plus having your aid returned which could leave you in a financial mess.