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Tom makes a good point...is he using the ticket as his "excuse" to leave the chapter? Especially if he says he will "rerush" in the Spring (not sure if that's his words or yours). If it were me in that situation and I really wanted to be initiated, I would have said something like "I cannot afford the initiation fees this semester but I do not want to leave the organization. What are my options? Can I be initiated next semester when I can afford the fees?"
I'm going to guess that a lot (maybe not all) organizations have something in place where someone can delay/defer their initiation for a semester, depending on the circumstances (as opposed to completely withdrawing from the org and having to be reissued a bid). Check with your national constitution/bylaws/guiding documents and see if that is a possibility.
Bottom line is that all you can do is to CORRECTLY inform him of his options, and then let him decide. If he truly wants to be a member of your organization he'll figure out a way to make that happen, whether it's this semester or next spring or next fall.
(On a side note...if the time on your post is correct, you sure are having a late lunch! It shows that you posted at 6:21pm on 10/29...maybe my time zone thingy is not set right though....)
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