T.F.
Why? Does he want a party? Do you want a party? How big of a party? Do you plan to have a party in 2 years if and when he completes his degree? Two college grad parties seem overboard for me, but that is just my opinion.
Personally, I would not have a party and my new college grad would cringe if I had suggested one.
I went to a couple of receptions for high school grads but no college grads and I know a bunch of them.
Not one of any of the many friends who recently graduated from college in May with my daughter had parties. At MOST, a small group of friends would go celebrate with dinner or brunch. Their celebrations were mostly the celebrations of the new jobs and careers they were soon to be embarking on, not the college graduation. Each of them had already signed contracts as long as a year ago accepting jobs to begin in June and that is what they were celebrating.
I celebrated with my daughter at brunch, just us, reflecting on her hard work, how proud I am of her and how proud her dad would be if he were still alive. There was no need for us to have a party, get recognition or gifts.
That said, there are no rules. If you want a party and he wants a party.... throw a party.