Graduation Day

A cheap slasher that only cost $250,000, "Graduation Day" (1981) is a low-rent thrill ride that uses its high school setting to great effect in delivering a gruesome and suspenseful tale of murder and mayhem. After the death of a high school track star during a race, a mysterious killer in a fencing mask begins systematically stalking and dispatching her friends and teachers, leading to a frantic investigation by a determined inspector and a shocking twist that turns the tables on the killer's true identity.