It sounds like your beef is with the school rather than the bank. Have you spoken the school officials? You may be in a situation where you will need to seek reimbursement from the school. Unless the bank was not authorized to send the checks to the school (and it probably was authorized via the contract), then unfortunately, you probably owe the bank.
Did you contact the bank and inform it that you had dropped out and that no further payments should be sent? If not, then I suggest you contact the school and find out if they will help resolve this in any way. If not, then you will need to hire a lawyer who can review all of your paperwork, contact the school's legal department, and possibly file a lawsuit on your behalf.
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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.