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It depends.
How does the applicant present him/herself to the interviewer?
How much does the company/interviewer weight the GPA?
What is the company's policy?
How does the applicant "explain" the GPA? [Did the applicant work 3 part-time jobs and support his widowed mother and 6 siblings while going to college? Or, did the applicant "have a really good party time" in college?]
What extra-curriculars and leadership roles did the applicant participate in?
There are lots of variables that come into play. For the most part, a big name school and a really high GPA will help get you interviews for your first job. After landing that first job, GPA and school falls way down on the list of importance. After you have that first job, it's all about performance and what value you deliver the company.
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