Dropping out need of be the end of your education. Many institutions will give you academic credit for a part completed course should you ever resume your studies, and many employers will look favourably on a part completed course on your CV. You should think perhaps not of having dropped out,f a course, but of comparing the part education you received with what you would have been had you never received that part of your education. Whatever education you receive is to the good, and dropping out is part of the rounds and roundabouts of life that you have to make the best of.
Having dropped out, don't rush to any decision. It might help to 'bum about' for a bit. Spend a month watching papy TV programmes or reading novels.
If you decide to resume your studies, you may have to retake the year you failed, and won't get a grant or student loan to retake that year. In fact you will probably keep getting student loan cheques in your drop out year long after you stop attending lectures, up to the end of that academic year. You might consider signing on as unemployed from September and studying in all that free time you now have.