[SAEalumnus]

I strongly disagree with initiating anyone in the same term they pledged for the single reason that you haven't seen their grades yet, so you don't really have any proof of their level of responsibility (people can say they have straight 'A's all they want, but need to be able to put their grade report where their mouth is). A number of pledges of my chapter who might otherwise have been initiated were depledged on the grounds of not putting school first. Students are at the university to get an education first; everything else is secondary.

That having been said, I also strongly believe in promptly initiating those who do meet all of the requirements (i.e. right after grades are posted, presuming no other requirements for initiation are pending).

(ETA: looks like ktsnake beat me to posting, but I agree with him)