Time spent travelling or working, usually after finishing A-levels or equivalent studies and before starting a degree at university or college. A gap year is a chance to gain work experience and additional knowledge and skills that employer's value. Some students choose to take a gap year after completing their first degree and before postgraduate studies.
A graduate is a person who has been awarded a degree from a university or college. While you are studying for a degree you will be known as an undergraduate. After the award of a degree you become a graduate. If you undertake further study after your degree (e.g. Master's degree or PhD), you will be known as a postgraduate student.