When I was at CWRU in the mid-90's, I was on a student panel which provided large donors (those whose last names were the same as large area companies, mostly) with an opportunity to ask questions of students. Several donors wondered why Case students studied so hard and participated so little in extra-curricular activities. After all, one said, I'd rather hire the interesting, well-rounded student with a 3.0 GPA than the boring one with a 3.7. Several students on the panel explained that many of their peers feared the short-term consequences of low GPAs -- lost scholarships and limited job opportunities. The donors were surprised to learn that most companies (in come cases including their own) would refuse to allow students with less than, say, a 3.5 GPA to even sign-up for on-campus interviews.