Is this for a specific position that is currently available at your firm? If it’s not, then I would suggest she wait another year until she has close to two years of total experience. Since she went to a top 20 school, I don’t even think she needs to include her GPA once she has two years of work experience. At this point the most important thing is the quality of her current work.
The GPA thing isn’t too big of a deal. The current state of the economy and her lack of experience will probably make a transition tough at this point. Her odds are still a lot better than if she were to try getting a buyside gig, though, which has completely dried up and will continue to deteriorate over the next 12 months in my opinion.