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I might be missing something here but if the biggest issue are grades and...If you really want to do a class right at the beginning of fall semester ONLY take men who have a college GPA behind them, ie sophomores, jrs, transfers, etc.
Do rush events for the first 5 weeks or so of the fall semester. Bid first year's no earlier than the 6th week of school, that would put their initiation the in the first week of 2nd semester. If people are regional you can work with them either at meeting over winter break or via online forums to keep them involved and thinking about the fraternity (highly key in my opinion as we had poor retention over long breaks). They would initiate their first week back from winter break so you would have their grades. I don't know if this is in IFC rules or whatever, I don't know them, but it was how we worked with our no initiating first-semester first-years rule. If you feel like you need more 'class time' with them, make the last few weeks of rush invite only. Again I'm not familiar with IFC rules, but it would keep you with your national rules, get you the grade info etc.
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