Graduand and Graduate

Sarah received her Bachelor's Degree on 27th September last week. So what is the difference between graduand and graduate?

A graduand is simply a student who has passed all the examinations required for a particular degree (or diploma) and has qualified to graduate. The student becomes a graduate when he or she receives the degree or scroll during the graduation ceremony (or convocation, if you like).

Hence, it is incorrect to address graduands as graduates before they receive their degrees.

Quite subtle, I must say.