To graduate Students navigate to:
  1. Core > Users > Edit user profile data 
  2. Search/Select Student
  3. Manage Student Enrollments
  4. Select the School Year from the Dropdown, and click Graduate
  5. Click Next
Note: Graduation Date is what will show on the Transcripts etc. as the Graduation Date.
The Effective Date is the Date they will change to the Alumni Role.

The Transcript header will not change from 'Expected Graduation: <year>' to 'Graduation Date: <date>' until the Effective Date passes/ the students are Alumni.