One graduation tradition that I wasn't aware of until yesterday is the Stole of Gratitude. Sarah wore it through the ceremony (two ceremonies, actually, one in the football stadium and one in a chapel) and then afterwards she placed it on my shoulders.

Sarah: This is a symbol of gratitude meant to be given to the person that helped and supported me the most while I was getting my degree.
Me: Wow. Thanks.
Sarah: You have five minutes to enjoy it. Then I have to return it along with the cap and gown.
Me: Five minutes of gratitude. That works.