Three types of banners for your school are:

The three benefits of applique flags are: 

Gonfalons

When you're attending in or participating in a graduation, there's a lot of symbolism that is often overlooked. The long gowns go back to medieval Europe, when scholars would wear long robes to remain warm in unheated castles. The mace carried by the Grand Marshall goes back to the same time period when bishops were not allowed to carry swords in battle and a mace was carried instead, as a symbol of their authority and as a means of defense. The commencement gonfalon banner and the graduation gonfalons signify the different colleges within a single university