Yes, I can attest that hard as it is for these symptoms to surface in high school, it is so much better than when a teen goes away to college. If you are open and treat it just as you would a physical malady with him, then he will have confidence that by seeking treatment, he will soon improve. It is very important to let him take as much of the lead in this process as possible so that he will know how and when to seek assistance in the future if needed. Starting with a medical doctor who can then decide on whether therapy and/or medication are needed is the way to go. It is very key to stress that he should not drink while on any medication due to depressive nature of alcohol.
Hard as it is, hang back a bit on the grades and just let him know you are there for him and things will work out.
I would recommend helping him to find a positive outlet for himself during this summer to help him just enjoy life a bit and rebuild his self-image. As mentioned on other boards, considering a community college for a year after high school for many students can be a very viable option to a successful college education. If you are in Virginia, I can tell you from the inside that school like UVA are more than welcoming to the junior transfers to fill the ranks of those who dropped out or transferred out themselves. Just remember - "everyone else is dealing with stuff, too." And it is so much better to get a handle on things now than having one drop out twice in college and still graduates summa cum laude I can assure you.