Yes but it is not standardized at all. Every college has its own way of doing things. Even every degree or school within a university can be different in how they handle grades. Some places put every student on a curve, so that a particular distribution of grades is always enforced. Some places operate on more of a pass/fail basis - often this is done for the first couple years to avoid measuring students when they’re adjusting to a new lifestyle (meaning partying a lot). Some places tend to give out easy grades. So you cannot compare students across different degrees and colleges.