I recently attended a college graduation, and one of the parents decided to recite shehecheyanu to celebrate the occasion. I have never heard of someone doing this -- is there any basis for saying it?
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This prayer is a celebration of life. It can therefore be recited whenever something happens and which is a new experience. This includes graduation from school, college, etc. It seems to me that one could even say it on waking in the morning, although we do have other prayers for this.