I would want to let her go but I'd also need a commitment from her.
Maybe tell her you changed your mind and don't want to let her go to the party because of her grades, and discuss it with her to see what she's willing to commit to. Because you can't let her go because of the homework, but you also already said yes.
I think it might be beneficial for her to get some time with her friends right now. I think that if she does some make up work and does better going forward it will be ok this one time.
Save yourself. Nobody is coming! BD:11/2017 Filed:12/2017 Final: 2/2018