There are many many students on elite (and other) campuses with anxiety, depression and other issues. I have read that 50% of Harvard students visit mental health services at one time or another. My daughter had roommates with serious anxiety and they received amazing supports. Not just counseling but also accommodations for academic work such as extensions, postponements, excused absences, reduced course loads and so on. Your son should visit a professional who can document the problem and then register with the office of disabilities for accommodations.
Right now, this is obviously overwhelming to him. You can go to him and help him make an appointment at the college’s mental health services. You can also arrange a private appointment if he prefers, and do the research yourself about health insurance. if he is anxious, it may go better if you just present him with a name and even an appointment (if it works with his schedule).
You can also help with the Office of Disabilties if he is staying.
It makes no sense to continue to go with him of course. He cannot get better without his own commitment to the process. Medications can help, but he cannot be a passive participant in treatment.
If he is truly not going to class and his grades are awful, you should definitely convince him to come home, or even insist on it. Believe me, the issues on the transcript will haunt him for decades. He will have to explain the grades to any other school he applies to at a later date.
In this situation, with a kid who is not doing well at all personally or academically but is refusing to seek help, I would absolutely seek a medical withdrawal and have the semester grades wiped clean. This is done all the time but it often requires professional validation of the diagnosis.
This may be a relief to him.
Many of us have kids with a variety of issues, medical and psychiatric or emotional, who have had to come home and regroup. Believe me when i say the ultimate result can be very positive and even better than the original plan. It requires patience and an ability to go with what I call the zigs and zags for awhile. But as they say, “every disaster is an opportunity.”
I think it is very appropriate to rescue your son, ask for a medical withdrawal with the semester wiped off the record, get him treatment, and keep an open mind about his options. If you can convey a positive attitude about the situation and about the future it can be very helpful. Hard to do but possible. Good luck!