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What is the difference between graduation (conferral) and commencement?

How do I find the difference between graduation (conferral) and commencement

Students graduate at the point where all the degree requirements are satisfied. There are four conferral terms a year; Winter (February), Spring (June), Summer (September), Fall (January).

Commencement is a ceremony held once a year for all candidates for graduation of that year. The commencement date is published in the Academic Calendar for the Spring semester.