The term "undergraduate" refers to a student who is pursuing an academic degree at the bachelor's level, typically taking courses in their first few years of college. On the other hand, "graduate" refers to students who have completed their undergraduate studies and are now pursuing advanced degrees such as master’s or doctoral programs. In summary, graduate and undergraduate refer to different stages of academic study - with undergraduates being those studying for a first degree and graduates being those studying at a higher level after completing an undergraduate program.