Currently on Academic Probation with 2 choices left to make.

This is my first time in academic probation, I am a 3rd Year Mechanical Engineering student, cummulative GPA is 2.7ish. It is more than likely I will not be in good academic standing since I’m doing poorly in all of my classes this quarter due to a mix of financial and emotional reasons. As someone who is completely dependent on financial aid, which would be a better option?

So my two options are these but they each have drawbacks/benefits:
1)Withdraw from UCR for the full Academic Term
-May have to refund financial aid
-Can retake classes for higher gpa

2)Appeal the Dismissal in the event of failing my classes.
-Not guaranteed appeal
-Maintain financial aid if appeal goes through

I’m not sure what to do. I have asked my adviser and they said it was up to me.