I interpret subsequent terms as meaning each term, which is different than “cumulative GPA through [insert time period].”
So, FWIW, I read that as 3.4 each term. Otherwise I think it would have said 3.4 in all transferable coursework by end of spring.
The wording is very different than every other mention of a cumulative count (and there are many) - all of which follow an identical word pattern.
http://www.admissions.uci.edu/applicants/tag.html
You better check.