First, it is not challenging to maintain a 3.0 GPA at UCBSO because students here tend to have a history of balancing their academics above 3.0. Remember, in order to be considered for admission, your GPA has to be at least 3.0 (With some exceptions, it can be 2.8 or 2.9). Its pretty common for ppl to have a GPA similar to their undergrad GPA (from a similarly competitive school) since our study habits tend to remain the same or improve.
If your GPA hits 3.1, the administration keeps in touch with you to monitor your academic progress and identifies any outside problems (health, family issues, laziness etc). Some instructors contact students personally when they receive a poor MT grade to see if they need more help. Others offer additional practice time outside of class for struggling students. BSK (honor society) members offer free tutoring. Study groups are common and the library is next door to our lecture hall, often filled with students between classes. We are free to practice in pre-clinic at any hour/day and easily find a practice partner via emails. Furthermore, most classes (not all) are graded on a curve, so as long as you fall within the stardard deviation, you are usually doing fine. Odds are, if you're mediocre in one subject, you may be doing great in another, so your GPA evens out.
To answer your question, I believe those with GPA below 3.0 will be on academic probation and won't receive grant money for the following semester. However, if they raise their GPA above 3.0 the next semester, they'll be out of academic probation and get money again. Overall, academic probation and failure is rare since the faculty/school tries to prevent students from reaching that point.