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.
Certain Institutions offer upwards of $10,000 or much, much, more depending on the GPA, funds available, number of qualified students, and what the Institutions policy may be for receiving this Scholarship/Grant.
This is usually offered by the Private Institutions because they have funds coming to the school in the form of donations from multiple sectors. And have created this Scholarship/Grant to help students continue on to higher education.
Be sure to check the school website for this type of Scholarship/Grant. If you do not find the information on the website call the school and speak to the Financial Aid Office they will have this information.
With this type of Aid it can be less costly to attend a Private Institution vs a Public Institution.
I wish you all the very best during this process. I know that it is stressful and time consuming BUT remember it will all be worth the effort in the end.
*Disclaimer: This information is based on personal experience and research. It is believed to be accurate, but not guaranteed*