It is common language in graduation ceremonies to hear a degree conferred with "all the rights and privileges pertaining thereto." How would one discover what the rights and privileges pertaining to a MA or PhD degree actually are?

It is common language in graduation ceremonies, at least in the United States, to hear a degree conferred with "all the rights and privileges pertaining thereto." How would one discover what the rights and privileges pertaining to a MA or PhD degree actually are?