Yep, odds are your Scholarship or Education chair/VP already knows. The quarter that I pledged (first quarter of school) I had a 1.5 GPA. Too much partying, not enough studying, and my classes were really hard. BUT, with help and incentive from my chapter, I had a 3.0 the following quarter.
Yes, I was on academic probation (couldn't attended any social events, just chapter meetings, study related stuff, and service related stuff) until I got my GPA up. Go to them for help, your GPA is important to them because it'll drag down the chapter's overall average. (And no, they shouldn't announce it to the chapter, but some people will figure it out if you're put on probation).