a student (usually university or college) who drops out at Christmastime when they go back home to visit their parents. Often caused by homesickness, academic failure, unpopularity, or a significant other living back at home.
Person 1: Man, did you hear that George isn't coming back after Christmas?
Person 2: Damn Christmas graduates.
Person 1: I need to move out of residence asap. Know of any places available?
Person 2: Wait until January when all the Christmas graduates sublet their apartments.
University student that is kicked out of school halfway through the year due to poor academic performance.
"Where did Charlie go?"
"He got debarred. He's a Christmas Graduate."