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A phrase that refers to diplomas/certificates/whatever granted to anyone you know who is (or already did) graduating in the year of 2007.

The phrase originates from the James Bond (Agent 007) movie "License to Kill." Given that this is a Bond year, and there are several people graduating from various institutions around the world, they truly have been granted a license to graduate.
Emma: Hey Steph! 2007 is your year to graduate from high school. Congratulations on getting your License to Graduate.

Steph: Why thank you, Emma!!
by MeTheTree January 23, 2007
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