Not only is she have a good chance at denial, you'll be putting yourself on the radar for deportation for failure to maintain your status. Also, since five months have passed you cannot file for reinstatement. You may want to focus on what you can do to save yourself before you think about your sister visiting.
She is presumed to have immigrant intent unless she can prove to a consular officer that she will return (show that she has employment, immediate relative, property in her country of origin). The fact that you are here in violation of your student visa is a factor that would indicate to an officer that she would probably want to not want to visit you, but live with you.
Your rationale is correct. Let me explain:
1"But I dropped my classes December 2012 and didn't go to college since then." Your failure to maintain F-1 status rendered you out of a valid F-1 status, despite the fact that it was valid until June 2015,
2. Any non immigrant visa applicant is required to list family members and their status in the United States in Consular Visa applications and if upon verification the Consular Section learns of your failure to maintain your legal status it will not issue a visitor's visa to your sibling as any visa grants are always discretionary.
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Yes, and you risk deportation when she comes as well.
The above is intended only as general information, and does not constitute legal advice. You must speak with an attorney to discuss your individual case.