Was a bit nervous against Seppi but wasn't far from being able to win that match with a bit more polish. Can definitely compete against Challenger level competition.
If he can stomach the financial pain of being a low ranked player, its worth a go ASAP. Playing NCAA probably doesn't offer him much more at this point as his record as a Freshman playing #1 position for his team shows that. Staying more than another year would probably lead to rot.
I'd guess futures...he's in the 600, will be around 560 after the 10 points he gains. That will lead to qualifiers for Challengers. I can see him doing a few futures to boost his rankings then start in the challengers.
He might get WCs in the Challengers in the US in late September, but still I'd say likely to be futures.
EDIT: Forgot he was a qualifer and not an WC, so he actualy gets 35 points...that still only puts in the mid-400s so still likely qualifying range for Challengers