Highest Educational qualification is generally the educational degree that you have been awarded or granted. This means a course that you have successfully completed. For example, if you are in your Final year B.Tech, you are yet to complete your Graduation and you still do not have your Course completion certificate. You will only have your 10th and 12th certificates. But again because among 10th and 12th, as 12th is the highest qualification, you should enter 12th as your highest qualification. This applies for all examinations and job applications.

Greetings,

You'd select graduation as final year students are eligible to appear for Government exams because their graduation is due halfway through the year. So for example, if you appear for UPSC in your last year the forms would be out before you have actually graduated but by the time you finish your upsc exams (mains, interview, etc.) you'd have graduated.

It's a window of leniency really.

good luck