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If you pick the right fraternity, then it shouldn't be a problem because they won't pull you away from school so much that your grades drop too much if at all. I know many guys that had their GPAs go up during pledging because they were forced to manage their time and work hard when they had the time. Also, if you do notice a drop in your grades a good fraternity will allow you to work on school more and try to bring your grades up
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