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Talk realistically to your son and tell him you are considering asking him to withdraw from classes or possibly the school. He needs to tell you what the problem is. Sounds like socializing but you can’t be sure.
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With his permission (or if you have a release) talk to a dean or whoever is appropriate about options.
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Maybe nudge a meeting between son and said administrator to discuss those options.
I am a big believer in protecting transcripts. I would avoid W’s and F’s. They drag a kid down, result in suspensions of attendance and/or aid over time, and don’t go away.
It’s tough because three weeks is not very much time and things can turn around.
The answers depend a lot on whether he has financial or merit aid, and also the debt burden. Accumulating debt for F’s and W’s is a shame and some kids drop out but still have lots of debt.
The real question here is motivation. Clearly he is able. I would vote for taking him out honestly, but that is through long hard experience.