I'm thinking of picking graduating over friendship
Why do you have to choose either graduation or friendship?
I've been friends with someone since we were very young and I thought that we would always be together. However, I've learned to survive on my own these days.
Your studies are very important to you I see. Balance out both studies and your friendship and then you can be a success at it all. Otherwise picking just one over the other will end up in a fail either way.
It's too late for that. I'm going to drop him as a friend today.
It is important that you try to find a balance with this decision. In life you are going to have to balance more and more as you gain responsibilities. This is the perfect time to practice as these two things are both important to you.