I asked my daughter, who is a college student. She said, "Fail them, unless they have a legitimate health reason for not showing up." She said that she's sick and tired of the kids who screw around all semester, then cry to the professor at the end, and are given another chance. She works hard for her GPA (something I honestly never thought I'd be saying based on her high school performance) and feels that you either have to reward the students who did their work on time with something extra, or punish the ones who didn't. College is supposed to be the real world. No boss is going to put up with that kind of crap.