I truly think he will be OK. when something like this happens, it causes panic/shame/worry etc. (I have observed something similar in a couple cases; the students and parents turned out better and stronger!)
In a couple months, he will resume his studies with wisdom and the lesson learned. Do make him work if possible (even a regular job like Starbucks or landscaping, etc); don’t let him sit around the house depressed or relaxing 24x7.