How badly will bad grades impact future college and career life?
DISCLAIMER: This is based on my personal opinion. 

I am studying in the UK, I failed a module during the second year of my undergraduate. I couldn't re-sit the module and took it on the chin. 

I eventually worked extra hard and got a First class degree. 

I went onto graduate school, MSc and PhD. 

The grades are important, the Professors I spoke to told me, and it seemed to be the first thing they asked about, BUT, the average always appeared much more important for admissions etc. 

You're not a robot, you can have a couple of bad grades. 

Just keep working hard to get that GPA up!

The honest answer is yes it will have an impact, some firms or schools only want the perfect students, but for the majority, the overall average will have a bigger impact!