I’d expect the vast majority of students aren’t looking at the NACE report and instead the groups most likely freaked about about grades tend to be in different situations, such as students who have been especially focused on having a top GPA for a long time for various reasons that have been discussed in this thread (this group tends to have a GPA well above 3.0), students who have not been especially focused on having a top GPA in the past and need to change due to recent GPA-related academic issues (academic probation, may lose scholarship, may not meet major requirements, in danger of failing a class, etc), and students who are more prone to anxiety or related mental health issues.