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First let me add the qualifier that I am not familiar with this school's recruitment and I only know about its competitiveness from what I've read on Greek Chat. I am, however personally familiar with several other competitive recruitments and that's what I'll base my answer on.
My biggest concern would be that it's frequently much more difficult for a sophomore re-rusher to receive a bid than it is for a first time sophomore PNM. The chapters have had a chance to see and vote on you once. Some chapters may also have a once cut/always cut policy, even if you've fixed the things that got you cut the first time around. Also, even when you know you're likely to be cut for grades right off, that kind of massive rejection can eat at your soul. Recruitment is grueling under any circumstances and you'll need to be honest with yourself about whether you have it in you to go through it twice.
Waiting gives you a chance to not only boost your grades but to get involved and meet people who may be able to give you support within their chapters. There's also the possibility of joining the colony if it's a good fit for you and the organization, and colonies recruit all class standings so being a sophomore isn't as much of a handicap in that respect.
On the other hand, you'll lose your money and there's always the tiniest sliver of a chance someone might see beyond your grades.
I think you need to be honest with yourself about how you'll deal with it all.
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