I have cancelled a couple courses and decided to do it over the summer.
It doesn't affect your employment in any way. I got hired at a Fortune 500 company as soon as I graduated.
It will not affect your GPA unless you cancelled the course after the deadline, you'll receive a grade of F which will dramatically impact your GPA. If you know you won't do well in the course or if it's too much for you to handle, especially when you're working part time to pay tuition, there is nothing wrong dropping a course and doing it over the summer instead.
Good luck!
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Electrical Engineering '13
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