They did this my final year at university. They ALMOST cost us the term, which would have meant no tuition back and 6 months wasted. However, they came back when there was about only 1-2 weeks before they'd have to cancel. As a result we had about half-term for most of our classes and the teachers were VERY slack and forgiving with us. In the end I ended up having a pathetically easy term and it worked out best for everyone. I loved it!