undergraduate students = apprentices, graduate students = journeymen, graduate degree holders = masters
Closer, but still not quite right. The concept of graduate students is quite a recent one; and until recently the MA was the standard undergraduate degree.
This is still seen at Oxford and Cambridge: After 3 years of study, you write examinations and receive the BA, whereupon you leave the university; 4 years later, you receive the MA. (And until very recently, upon applying to receive the MA you had to certify that you had "continued to practice" in the intervening years.)
A masters being the standard undergraduate degree is still roughly true in Denmark, though in a bit different format. The traditional undergraduate degree was a single 5-year program. Under the EU's Bologna Process harmonization, this has been split into a 3-year BA/BSc, and a 2-year MA/MSc. But in part because this is recent, many people see a BA/BSc as only 60% of a degree, not a place to stop and go get a job. So getting a Masters to "complete" the undergraduate program is still sort-of expected, though not everyone does it.
Unlike in the U.S., Masters and PhD students are therefore not lumped together as "graduate students". Bachelors and Masters students are instead lumped together as "students", i.e. people who are taking an undergraduate education, often living in dorms, and receiving a small stipend (the SU) to support their cost of living. PhD students, by contrast, are junior research staff, employed with a proper salary (typically ~$50k), living in their own apartments or houses, entitled to attend departmental meetings, etc.
Closer, but still not quite right. The concept of graduate students is quite a recent one; and until recently the MA was the standard undergraduate degree.
This is still seen at Oxford and Cambridge: After 3 years of study, you write examinations and receive the BA, whereupon you leave the university; 4 years later, you receive the MA. (And until very recently, upon applying to receive the MA you had to certify that you had "continued to practice" in the intervening years.)