Yes, you will qualify as a student if you started the semester in January and graduated in May.
Per the IRS, "To qualify as a student, the person must be a full time-student, during some part of each of any five calendar months of the year".
If you graduated on May 1st, then the entire month of May counts as one of your five months and if you started in January and graduated in May, this will count as 5 months.
