If there's no lax money, if he/she quits lax then I don't see any issue.
I have an older child who played a D1 sport and she and some of her teammates did very well athletically, socially and academically. It's very doable. I'd say it's kid-dependent though. You know some kids are going to go whole hog socially and everything else will suffer.
Talk to the athletic dept or the coach, some stress academics (my daughter's school did) and some will let you know in so many words that the athletics come first. I know a d1 lax boy who had to quit the team because a required class for his major (senior year) conflicted with the practice schedule so the coach made him choose. | 
