The look I will be going for is simple, elegant, and studious - not to mention warm. This little number from Asos would be darling, with a blazer on top, of course. I'm not sure it would qualify as studious though. To think of it, I don't think it would be a good idea to wear a blazer underneath my graduation gown. What about this? This dress from Banana Republic would be a lovely choice as well.
(Picture via here)