Hello there
In my opinion, if you are really serious about getting a real
high GPA, i will recommend repeating the first year. However you
have to take into account the possibility of the school allowing
you to repeat year 1, the time lost, financial issues, etc.
Like what fireice said, pulling up from a 2.88 is really really
hard.
Scoring all As for the next 4 semesters is not impossible, but
seriously not easy, you have to totally change the amount of effort
you put into studying, and that could mean an impact on your social
life.
You can try talking to your lecturers who have taught you to
give you a more detailed option of what you can do.