I think graduation is lifelong highlight for most grads. It's a whole week of great events culminating in a celebration of achievement with all of your classmates who've been along with you for the ride.
The time leading up to graduation is fairly busy. You take final exams, pack up your stuff, make arrangements to live wherever you will be going next, fill out lots of paperwork. Get whatever new uniforms you might need and what "household" stuff you might need. You then have a bit of time off before Commissioning Week. As noted, it's a week of lots of great events and, in between, plenty of free time to spend with friends and relatives.
After graduation, you have a month off. Most people travel but you can do whatever you want to do. After that . . . well, as noted, lots of prior threads on schools, etc.