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At my uni everyone had hoods...rented from the U. Maybe the Ph.D students actually buy theirs, i dunno...
Any way I think there are around 10 dif colours depending on your major...mine was an ugly burnt gold type of colour...
I worked it a couple times so it was really cool marching in the procession and seeing all the profs dresed up...some had some really cool hoods, stoles, etc...
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