Jeff had enough credits to graduate early (as in the middle of the school year). Same with Pierce. The rest of the study group will conceivably graduate at the end of the following semester, at which point either Annie or Shirley will be named Valedictorian.

I've watched MF from the start and have never missed an episode but it's getting harder and harder to stay interested in the show. This week was especially bad IMO. The characters and jokes are stale.