If I am on F1 visa status now and I decide to drop out of school, is there a chance that I would be deported?

Once you drop out of school, you lose your F-1 status and must leave the U.S. If you do not leave and remain in the U.S. illegally, US Immigration & Customs Enforcement will not look for you - unless you give them reason to do it. There are about 15 million aliens who are unlawfully present in the country; actively seeking them out for removal is financially not feasible. However, once arrested for a crime, an alien gets brought to the attention of USICE and, usually, removed. Prospect of spending time in immigration detention center should be a disincentive enough: trust me, that's a place where you do not want to spend a single hour, much less a couple of weeks. If that does not deter you, consider the fact that staying in the U.S. after your F-1 status gets cancelled reduces your chances of getting a U.S. visa ever again; the longer you stay, the longer your visa applications will be denied; if you overstay 180 days, you will become ineligible for a U.S. visa for 3 years; after 1 year overstay - ineligible for a U.S. visa for 10 years. If ICE catches and deports you, you will not be able to re-enter the U.S. legally without a special dispensation from the Attorney General of the U.S. (and don't say "Ha! I will not do any crime, will not be arrested, and ICE will never get me!" - immigration jails are filled to capacity with people who thought exactly that). Even more importantly, once you fall out of status and begin accruing unlawful presence, you lose eligibility for getting a green card through employment or through your relative's petition; the only way to adjust status that remain open is through marriage (which does not work very well: more than in 50% of marriages fall apart within the first 2 years even without the pressures of filing immigrant petitions, getting through USCIS interviews, etc; and, if your marriage does not last 2 years, you lose your green card) There are ways to stay in the U.S. legally. The easiest of them is by remaining in school, getting your degree and OPT, acquitting yourself well enough to get sponsored by an employer for a work visa and then for a green card. It takes hard work - but it pays off. Unlike condemning yourself to a life of stupid, boring, dead-end menial work, of counting pennies, of inability to get a driver's license, bank account, airline ticket, etc., and always, always waiting for the day when the Immigration will get you.