The Grades Struggle

This past year I have had various discussions in class, with my professors, and amongst my peers about grades. Do they really assess what you have learned? Should a grade be used to determine what kind of a student you are? I am really struggling with the use of grades to assess learning as both a student and a teacher.
My whole life has revolved around grades. In elementary school my parents expected me to recieve good grades. Once in middle years I recieved awards for having above average grades. Then came high school. If a grade slipped, I was reminded that my grades were going to determine if I got into university, recieved scholarships, and would determine the rest of my life. Thankfully, I maintained above average grades through high school, and got into university. Then the struggle really began.
In high school I didn't have to work exceptionally hard to recieve good grades. I could ace tests with little studying, and I could create some pretty impressive presentations the night before they were due. That really took a toll on me in university. Suddenly, I had to really work to pass, let alone make honor roll. I didn't know how to study, and my procrastination that became a habit in high school was causing me severe stress. I couldn't help but wonder, "Were the marks I recieved in high school really representative of what I had learned?" I believe I did learn the content. But, I don't think I learned the process.
In my second year of university I became very sceptical that if I worked hard and could prove I knew the content that I would be rewarded with a good mark. In one class I really knew my stuff. I did excellent work, people congratulated me on interesting and informative presentations, and I left the last day of classes with an evaluation sheet in my hand saying I had obtained an 86%, my highest mark in university to date. I felt I had really accomplished something. So imagine my shock and anger when my final grade was listed as 76%. After a heated discussion with my professor, I learned that the marks had been curved. Since I was near the top of the class, I rode the curve the farthest. A fellow classmate who's evaluation sheet said she recieved 78% ended up with a 75%. What this told me was that I put in a lot of effort for nothing. I could have given a 78% effort and recieved the same grade. What was the point?
Today, I am in a program I absolutely love. I feel I have learned more in the past year in the Eudation program than I did in the previous 5, not only about education but about myself and the world that we live in. As a future teacher, assessment is something I will need to understand and do so we discuss it in our classes. Regularly, I hear professors tell me that it isn't about the grade; it's about what I take from the class. Although I agree, I have that internal conflict again. I have a great deal of student debt, and I need scholarships to stay in school. How do they decide if you get a scholarship? Grades! I can't tell the scholarship committee, "Well, I only recieved a 75%, but I learned a lot!" Plus, I don't think I would be as appealing to a future employer if I came out of school with a 70% average as apposed to a 85% average. Also, if I recieve low grades, I run the chance of being kicked out of Education. How do you strike a balance?
I am learning a lot about differentiated learning - providing a multitude of opportunities to learn the content. Also, there are so many different types of learners in this world. Some are visual, others audio, some kinaesthetic, the list goes on. As a teacher, how do I assess different types of learners in a differentiated classroom? I think rubrics are an incredible resource. You can choose the areas of expectation such as content, presentation, and effort. This leaves room for each student to decide how to present what they have learned in a variety of ways. But what other options are out there? This is what I want to know.
As for my student self, I will continue to work for high grades. But, I will also continue to challenge the system. When a professor tells me the grade doesn't matter I will say, "They do. They were what determined if I was accepted into this program. They determine if I can continue in this program. But, I don't believe they are represenative of my learning. What can we do to change this?" It may be my job as student and teacher to find accepted ways of assessment beyond a grade on a piece of paper.