Depends on if you are using your college experience as a short cut. IE if you go to UND, Riddle, WMich, Purdue or one of the other aviation programs and have a 2.5 gpa, it might raise some flags, particularly if you are competing for an internship or low time interview.

These days though, a college degree isn't really required for any pilot position, particularly if you have a lot of other noteworthy experience within aviation.

That said, being able to provide a college transcript with a high gpa and good grades overall won't do anything but help you in the process.