Graduate

Hello,

In British English the word graduate (as a noun) refers to a person holding a university degree, please correct me if I am wrong. If so, what is the word used to refer to a person who has completed their school studies?

Let's consider the following sentence uterred by a headmaster at the beginning of a school year.

I would like to welcome all ....................... who are with us today.

My choice is "former students". What do you think?

Best
Ken