What type of discharge would this be from the Army NG?

ive been in the army NG for almost two years (my 2nd year will be this november) and i am having a dilemma. I needed a waiver to continue on training as i have been to BCT but not to AIT. My superiors are saying that the waver will take anywhere from a few days to a few months. I am also a college student. My problem is this. I am 5 cles away from graduation and a bach degree, but i could have a potential ship date coming up before the term is out. My superiors say that if i dont make the ship date i will be chaptered out of the army, as i do not have a job by my 2nd year in. Now it isnt like I havent been to AIT. I started and then had to come home two weeks in to bury a close family member and i have been trying to get back before the fall semester started (fall 2010) but its looking like i wont. My question is if i choose college over AIT what type of discharge would this be, and would there be anyway i could get back in after i finish? thanks