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1-2) If you're not an idiot and focus on your schoolwork, you'll do fine. There are some kids who neglect their grades and do poorly, but that's on them because a college student should be able to balance pledging and academics. Pledging won't be easy but if you can put in the work your grades will be fine.
3) Probably 15-20% of kids who rush will get a bid to a good house.