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I would love some input on my dilemma:

I am done with my double major at the University of Virginia, and for financial reasons, wish I had graduated in December. However, I missed the deadline to apply for graduation, so I am now considering graduating in May but not paying tuition or taking any classes next semester. I will still graduate with full honors and my academic merit scholarship, but I will lose my status as a student and therefore will have to drop the activities/leadership positions I wrote about in my resume.

Do you think there will be a negative impact on my applications? If I decide to do this, how do I go about informing the schools that have not sent my decisions yet?

Eh, you might be over-thinking it. You're no longer a student there, so it's natural you'd no longer be participating in that stuff. You're also assuming they care about that stuff. I'd just let it ride.