Beginning with the commencement exercises in the year 2005, in order to participate in the spring commencement ("march"), a student must be registered in ALL remaining required courses during that semester. A student who fails only ONE required course during that last semester and also has passed his/her senior comprehensives will be allowed to participate in commencement exercises. Withdrawal from any required courses will prevent the student from participating in the commencement exercises.
Here is a link to the University's Graduation Policies.