No. The school will need to graduate students (in bulk, via the Manage Student Enrollment task or individually via the Withdraw link in their profile) before including them in an Alumni/ae data refresh file.
Warning: If an Alumni/ae data refresh includes users with the Student role, the users may receive both the Student and Alumni/ae role. The school must graduate the student prior to including them for the first time in an Alumni/ae Data Refresh.
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