The bulletin board and topics for the recently ended school year will continue to be available to the student. If they are promoted up one grade, they can still access the old information by selecting their prior grade from the 'Select Grade' dropdown:

Select Grade

Additionally, this also works for students to be able to see the Bulletin Board, Topics, etc for the coming year. In order for this to show for a user, it is necessary to set the Group Page Access for the coming year.

If a student is graduated to alumni, they will not have access to prior year's term information, but only the 'Performance' block of their Progress pages (which contains Report Cards, Transcripts, and Academic Performance). Alumni will still see their Current Term 'Classes' menu until the term ends.