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I'd probably look at retaking the class if PT is going to screw over financial aid. I wouldn't be worried about your transcript retaking, I doubt withdrawing and retaking looks better than failing and retaking. Certainly talk to the instructor first though. Maybe you can work something out.
Explain to your prof what you told us and why it is so important to you. You seem like a good kid and a good student, and I'm sure the prof see's that as well. He'll probably be more than happy to help you out...