I'm going into my last year and a half of school at Georgia Tech as a Computer Science major and I was recently approached by a Big Tech Silicon Valley company about pursuing a software internship opportunity there.
I applied for the internship before, but was rejected before interviewing. They apparently kept tabs on me and got in touch last week. The recruiter got to know me a bit before encouraging me to apply again in a few weeks, heavily implying that I would be moved into the interview rounds.
Like many Big Tech Silicon Valley companies, they have a long and arduous interview process (8-10 weeks long) consisting of 4-5 technical interviews, plus other behavioural interviews. I respect this company and would love the chance to intern there and possibly start my career there after college, but to be adequately prepared for the interview I essentially have to re-teach myself my entire degree in about 5 weeks. School is about to start, and I'm taking some pretty advanced and difficult classes this semester. I'm worried that I won't have the time to dedicate to preparing for the interviews fully, and that I'll either do poorly in classes or on the interview, both of which would result in me not getting the internship.
Would it be considered "rude"—or would it burn any bridges—to call the recruiter I've been in touch with and tell them respectfully that I won't be applying? I'm in serious doubt that I'll be able to balance both school and studying for the interviews. I'd like to respect their time and my time and prepare for the interview correctly.