It just depends on what school you play at. Some D 3 schools you can be a 3.0 and play, while some big D 1 schools you might need to be a 5.5-6.0. If you are a 5.0, you should have no problem playing for a good school.
I've known some in D3 schools that easily have 5.5 mens players. AGAIN, kids & parents need to get the following into their heads:
First, Many stellar players (mens 5.5 and above) can and do play for D3, naia, ccc, etc. They do this for a variety of reasons. Many of those schools are EXTREMELY competitive, i.e Emory.
Secondly, the kid needs to pick the school first, then the athletic program. Each player is just one injury away from being done, i.e. Ian Chadwell.
So know this: use a search engine to find the good-fit, affordable schools, that offer various levels of play (D1-3, NAIA, etc.) Make no assumptions about the quality of the teammates, coachesor school. Instead, visit and see for yourself. And for heaven's sake don't assume you want to go to a particular school just because the name of it "sounds good!"