In the United States, an undergraduate student is any post-secondary (finished with high school) student in the process of earning an associates or a bachelors degree. Those pursuing a masters degree or doctorate are considered graduate students (called post-grads). In the rest of the English-speaking world, it is a bit different. What we call a undergrad, the British would call a post-grad. It gets pretty confusing. The degrees conferred remain the same, so if you are discussing your education with an Aussie or Kiwi, say, I’m earning my masters degree and the person will understand correctly.