Unless your school has some sort of guideline that would prevent you from participating, you should be fine.
As others have posted, it is really up to each person's school to set the parameters for who can and cannot participate in the program. If your school says it's okay, then Disney says it's okay.
I have heard that a lot of schools that have more strict GPA policies will pull a grade report at the end of the semester to see if students have improved their GPAs. If your school seems like they are going to give you trouble, ask them to wait until the end of the semester to see if you're off probation.
Best of luck to you