Amazing Spider-Man #28
Peter Parker graduates from Midtown High School in this issue, which also
features a clash with The
Molten Man (Mark Raxton, revealed later to be Liz Allan's step-brother).
Raxton was actually working as a
lab assistant for Spencer Smythe, who created the first Spider-Slayer robot
for J. Jonah Jameson in issue #25.
The graduation ceremony happens after the big battle is over. Peter is told
that he has won a Science
Scholarship to Empire State University, and Flash Thompson has won a Sports
Scholarship to the same
place. Liz Allan isn't going to college, and she admits that she has had
a crush on Peter for the last while
(during which they had a couple abortive dates).