Ms Darbus makes the announcements of where each of the seniors is going.
Martha goes to the University of Southern California, for Dance.
Zeke goes to Cornell University to be a chef.
Kelsi gets the Julliard scholarship that she, Troy, Sharpay and Ryan have been competing for during the course of the movie, for Music.
Jason is just happy to have graduated.
Taylor goes to Yale, Magna Cum Laude, to do Political Science.
In a twist, another student gets a Julliard Scholarship - Ryan, for choreography.
Ms Darbus then reveals that she is taking a sabbatical for a year, and her choice as replace for the head of East High's Drama Department while she is gone is Sharpay.
Troy decides to go to the University of California in Berkeley, to do basketball and theatre, but most importantly to be near Gabi while he does both those things.
Gabi is going to Stanford to do Law.
Chad is announced as going to the University of Albuquerque, with a basketball scholarship.
Only, Chad isn't there because Chad has run off, and gone to the gym. Troy follows him, and this is where the "what makes you think we're getting diplomas" scene from the trailer comes from. The boys realise that they will play against each other later in the year, so this isn't the last time they'll be together on the basketball court. Troy's dad, Coach Bolton, tells the boys to get back on stage, and Troy jokes that he never thought he'd hear his dad say that.
All the wildcats get their diplomas ("We're All In This Together, Graduation Mix"), and Troy makes a speech about how one one person - if it's the right one, cue sappy look at Gabi - can change everything, and that East High is a place where people can be whatever they want.
Everyone throws their caps in the air and runs across the football field, they all start singing ("High School Musical").
It enRAB and everyone is as happy as really happy clams!
Coda: Jimmy and Donnie, the two new basketball players, go to the gym to shoot hoops. In their lockers, they find two basketballs with combinations written on them - the combinations to Troy and Chad's old lockers, which they asked for earlier on in the movie as the idolised Troy and Chad.
Inside the lockers (now their lockers) are Troy and Chad's sweaty, stinky, lucky socks - wouldn't make my day to find them, but Jimmy and Donnie are thrilled. They shout 'what team?' 'wildcats!' and 'getcha head in the game' and are excited for the new school year to begin.