Graduate taking the plunge? (5)
I believe the answer is:
bathe
'plunge?' is the definition.
(I've seen this before)
'graduate taking the' is the wordplay.
'graduate' becomes 'ba'.
'taking' means one lot of letters go next to another.
'ba'+'the'='BATHE'
(Other definitions for bathe that I've seen before include "Suffuse" , "Steep" , "Take dip in sea" , "Become immersed in" , "plunge" .)