MOST DEFINITELY! A GPA of 3.5 or higher can usually get you some kind of financial assistance by way of Scholarship/Grant that you do NOT pay back.
If you are an incoming Freshmen with a GPA of 3.5 or higher many schools will offer you money in the form of a Scholarship/School Grant. And you will continue to receive this money each year as long as you continue to keep a GPA that falls within the guidelines to receive this Grant.
Some Institutions will offer you more money the higher the GPA.
Some Institutions will request that you apply for this Grant each year/semester while others it is automatically renewed as long as you fit the criteria. Check with the individual school to see what their policy is on this matter.