To fix this, navigate to:
  1.  Core > Select Users/Access > Profile > Edit User Profile Data
  2.  Enter in Student's last name
  3.  Click search
  4.  Click on Student's name in the list
  5.  Under System Information, select Alumni Affiliation
  6.  Click Edit 
  7.  From the Alumni Class of drop down, change the year to correct Grad Year
  8.  Click Save and Exit