Yes, you would be considered a full-time student if you were to graduate in May.
According to Publication 17of the IRS, you are a full-time student if you are enrolled at a school for the number of hours or classes that the school considers full time. You must be full-time for some part of each of 5 calendar months during the year. You would still be a full time student before the May graduation. Even though the May graduation was cancelled this year due to Covid, you would be a full time student. Your parents would be able to claim you as a dependent.
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