Both sentences are grammatical. The first is a little unusual, as the verb graduated is typically not used like this, that is, saying the school graduated someone. You'd more typically hear that someone graduated from the school.
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AnonymousHowever, if, as in your example, you are discussing the achievements of the college, it is preferable to use the form "Harvard has graduated..." rather than "Many famous people have graduated from..."I think your explanation is perfectly clear and straight forward. Thank you Anonymous