"But what about degrees?"
Pretty much you get the degree or you don't. Many (most?) colleges award "cum laude," "magna cum laude," and "summa cum laude" to the top finshers. (At my university you got those for earning a final GPA of 3.0-3.499, 3.5-3.899, or 3.9-40 respectively.) There's no US equivalent for a 3rd class degree AFAIK... the student who barely escaped expulsion and the one with a 2.99 who barely missed the "cum laude" mark would both get the same diploma.
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