Sec. 5. (a) As used in this chapter, "graduation" means the successful completion by a student of:
(1) a sufficient number of academic credits, the equivalent of academic credits, or the diploma requirements established under IC 20-19-2-21(c); and
(2) a postsecondary readiness competency established by the state board under IC 20-32-4-1.5(c), or a waiver process required under IC 20-32-3 through IC 20-32-5.1;
resulting in the awarding of an Indiana diploma or an alternate diploma described in IC 20-32-4-14.
(b) The term does not include the granting of a general educational development diploma under IC 20-20-6 (before its repeal) or IC 22-4.1-18.