Pallaghare, How did ya get the total count of Masters and PhD students separately graduating every year and specially 2007(Spring/Summer/Fall)? Your conjecture is filled with probability. Do ya agree? 'Coz I dont believe even 5000 PhD US graduates every year. The Masters quota of 2007 reached the cap 'coz some of the students got their provisional degree to apply by Spring 07 April 2nd week or so. Thanks.