Based on the story, I think that either Jumbo, he (P.S.) will turn him in, or he will go to Colorado and forget about cheating. I believe this because P.S. feels guilty about cheating. He feels guilty about cheating because he knew that he cheated, and the punishment for cheating. Another reason why he might have been that he was tired of V.P.S., and wanted to go to another school. This is why P.S. might turn himself in.
Jumbo might of turned P.S. in because Jumbo is not that smart so he might cheat, and notice that P.S. was cheating. Jumbo might turn P.S. in because he saw P.S. get unauthorized assistance on the test. This is the reason why I think that Jumbo might turn P.S. in.
The other thing that could happen is that knows one knows that P.S. cheated, and he and Charlie will go to Colorado. This could happen because P.S. was looking forward to going to Colorado for the summer. Also, his father would be proud of him for passing the Latin examination. This is why he might go to Colorado, and not turned in for cheating.
I believe that P.S. will be turned in for cheating because there were several people in the room, therefore someone will most likely turn P.S. in.