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1.
1. When one makes the choice for themselves not to attend class; generally a college class.

2. Skipping class

Often brought about by late nights, laziness, and reluctance to sit through pointless and/or mind-numbing lectures.

Used by students for its more positive connotations, i.e., one would sooner say "I cancelled two of my classes this Monday" than "I skipped two classes this Monday."

3. The opposite of excellence. Canceling class is not condoned by parents, teachers, and administrators alike.
Brittany: I've done so well this semester: I haven't canceled a class yet!
Allison: My Government teacher is boring, so I've canceled his class twice so far. I am canceling class again this afternoon.
Brittany: That's not very excellent of you.
by RO-b'f February 05, 2010