I found a workaround in the meantime. I created an advanced list of gradebook grade averages below 70 and have included parents as additional userbases. From the list, I created a distribution group and then scheduled pushpage jobs to be sent out weekly to the parents. It's a generic message, but it'll do for now!

Would love the ability to send notifications to students/parents for trigger grades in the grade book or report card grade. We want to send these at least once a quarter for failing grades and those below 70 so that parents/students.

Please add this feature. It would help for parents to be automatically notified when their students grade drops below a threshold that they select. Parents always want me to email them.