Most graduation honor cords are worn around the back of the neck and down the front, like a stole. Some cords are worn on one shoulder instead.
Fourrageres are the most common honor cord worn on the shoulder. They were originally given in the military for honorary service; however, some universities also give them for honor cords. For instance, Texas A&M gives this type of cord to distinguished graduates. These cords are wrapped around the top of the arm at the shoulder, and they drape in the front and the back. When given at a school, the colors of these cords usually represent the school or department.