My understanding is that the school won't be too happy since they may be audited and can't account for your attending ground school.
If memory serves correct you must sit 600 hours or so ground school. This is either home study or in-class. You were supposed to do it at home, and the school has to verify that you "studied". This can be done with progress tests and brush-up time.
I have heard of others that have done the same and never heard a peep. I think it's more the school's fault for not being on top of things and demanding that you show up.
I am sure others may have more specific experience.