So I keep reading that the target average is a b-. That would mean lots of kids are doing less than a 3.0 gpa. What does that mean for job prospects and internships. I understand you must have at least a 3.0 gpa to get jobs and apply for intern opportunities.
@jrr801summer You do not need a 3.0 gpa to get jobs and apply for internship opportunities. Although many internships/jobs may have a minimum GPA “requirement”, many other do not - and even for the companies which have the requirement, they may be rather lenient with it. I am not an engineering student, but a prospective CS LSA student (which will give me access to the Engineering Career Resource Center), and MANY of my friends are engineering students - and this is what I hear from them. A lot of recruiting may revolve around side-projects, experience, and aptitude (definitely for Computer Science and probably for Computer Engineering, Electrical Engineering, and I assume others). However, I am pretty sure the GPA leniency varies across majors. Majors within EECS probably will have more leeway than IOE majors - just a guess based on the type of companies/positions those respective majors feed into, and the difficulty of the majors.
ME grad here:
@jrr801summer It usually goes like this, your core engineering classes averages are B- and your non degree type classes you are expected to do better. (may sound elitist but compared to engineering classes these are easier. If you do well on your non-engineering classes you should stay above a 3.0 GPA.
However, having a gpa lower than 3.0 isn’t the end of the world. You can find internships that don’t have a GPA requirement! Honestly, gpa really only matter for your first few jobs after graduation, then all that matters after that is where you graduated and your work experience. Michigan being one of the best in the world for engineering, you should have no issues! 
tip:
You’ll find that some of the smaller companies don’t ask for transcript.
Search for members of that company on Linkedin.
Pay attention to their employee’s profiles. If you find that a few of their members don’t list their alma mater, that probably means they went to a third-rate college and worked their way into their current role. These companies tend to be more lenient about GPA and stuff.
If you’re EECS, you can do online coding competitions like HackerRank or build up your Github portfolio. Or go to a Hackathon and build something legit
At orientation they said average GPA is 3.3 for engineering.
@TooOld4School Are you sure? A 3.3 is a B+ Average - Highly unlikely… In my experience and my friends’ experiences Engineering classes are usually curved to a B-/C+ average.
They said that the average freshman engineering GPA is 3.34 and average graduate GPA is 3.29. That may be a result of counting non-engineering classes, but it seems unlikely to make up for a 2.7. They also mentioned that graduation rate is about 80%, but many of the 20% transfer to different schools (e.g LSA) within UM. The number was not specified.