What is the religious ruling on the widespread and extravagant graduation parties?

Graduating and the joy of completing a stage of study is a natural matter and a delight in Allah's blessings. There is no harm in showing joy for this, inviting family and friends, or holding celebratory events to honor outstanding students, but on the condition that these celebrations are free from reprehensible acts and Sharia prohibitions, namely: extravagance and wastefulness, holding celebrations in places where men and women intermingle or where men can see women, using musical instruments or lewd songs, imitating disbelievers in dress, photographing female students, or female students attending in immodest clothing.