Adding FN to the Roster Options

I'd like to see an option added that will allow the Registrar to change a student's class enrollment status to FN.  For example, a student could miss 3 classes.  We currently only allow 2 absences, so this student will automatically fail the course.  At the time of the 3rd absence, the registrar could go the Roster tab, click the pencil next to the student to edit, and change the status from "Enrolled" to "FN".  This would allow students to see their failed status immediately, just like a withdrawal, the failure would affect their GPA, and the professor would no longer have to add grades or attendance at that point.