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In the contract, was there any mention of grants that you were going to receive?
And what school is it?
Is this the contract you agreed to? http://www.eiu.edu/housing/pdfs/contracts/FA15%20June%2012%20reshallgrctcontract%20online.pdf
So there are two possible arguments that you could have in getting out of the contract; however, both would either requirement the college caving or you breaching the agreement and be willing to be subject to a lawsuit. The first is that you breach the agreement and the college must mitigate any damages that it could experience. I.e., if they could find another student to fill your spot, then you shouldn't be charged. Second, you could claim that circumstances have changed and a basic assumption of the agreement, i.e., your ability to get a grant, has not come to fruition.
The only other way is to comply with the contract by withdrawing from the University, although that is probably not an option for you.
I hope this has been helpful. If so, please provide positive feedback!