Definition
A freshman who drops out of college at the end of the first semester.
How People Actually Use It
a student (usually university or college) who drops out at Christmastime when they go back home to visit their parents. Often caused by homesickness, academic failure, unpopularity, or a significant other living back at home.
"Person 1: Man, did you hear that George isn't coming back after Christmas? Person 2: Damn Christmas graduates. ________ Person 1: I need to move out of residence asap. Know of any places available? Person 2: Wait until January when all the Christmas graduates sublet their apartments."
Source: Urban Dictionary