What happens is that you start on point #21 (in the old system), after your first talk where there is no counsel point. Then you go in order--they might take things out of order if the hounder thinks you need hounding in a particular point. Then, once you have all the points done, you simply get a new card and have to fill them in again. This repeats infinitely--there is no graduation.
It is pretty much the same under the new system. The points and the numbers have changed, but the principle is the same. Work on a point until you pass, and then move onto the next. Then, once you have completed them all, you simply get a new slip. Of course, if they feel like hounding you more on a particular point, they may take things out of order. Either way, you cannot graduate unless you become a hounder and no longer get those slips.
There are other discrepencies about this "school". There are only two classes (some larger congregations may have three). A book study will go to one of those other classes, and either you are in that book study and you go, or you are not and you don't. The pool is taken from the Hell itself, so there really is no opportunity for anything out of the ordinary to happen (and if there was, the hounders and/or the hounder-hounder would put a quick stop to it before anything exciting happens). Very boring.
You also learn nothing except how to more effectively spread the virus. This does not teach people to read, appreciate literature of a secular nature, allow people to be more proficient in math or science, or teach accurate history (only the Tower version--607 or else). There is never a 20-minute blank space at the end of the class. You cannot bring in a book on optics or astronomy without having Brother Hounder give you a harsh lecture about reading material (and then you are either going to have to surrender it or tell them that next time it's either that or Crisis of Conscience). And they call this a "school".