What are the options for students who drop after class 12th ?

One obvious option would be to go back to college. Your board exam score will be valid for you to apply for admission. If college isn't an appealing prospect, my advice would be to develop a skill and start working. The skill could be anything. I wanted to become a writer. While I chose engineering as a degree course, I took up writing as a full time occupation. You can also follow a similar path. Since you don't have a degree to your name, you will find it difficult to cope for the initial few years. When I started out as a writer, I was barely making enough to make ends meet. You will have to persevere, but success will grace you like an old friend eventually.