I have the technical info on this somewhere...I did ia paper on this a few years ago. In brief, BA candidates (what you are called until you actually are conferred the degree)wear the traditional gown (robe), Masters candidates wear the traditional gown, but with an extra length of fabric hanging on the sleeves and doctoral candidates are distinguished by three stripes of equal length and size on the sleeve, usually of velvet. As for colors, each different major at a university has its own color (there are like 75 of them at my univ) and for the masters and doctoral candidates the degree fields color is accentuated by the university's colors. I will try to find more info from my paper.
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