The phrase "graduate with debt" means that a person completes their education, such as college or university, but they have borrowed money to pay for their education and have not yet paid off that money. Full definition
This is despite the average debt rising by more than $ 1,000 and the percentage of graduates with debt increasing by 2 percentage points compared to last year. (gobankingrates.com)
In 2009, 54 per cent of students graduated with debt. (bcndpcaucus.ca)
It seems likely that many college graduates with no debt may have received help paying for college as well. (apartmentlist.com)