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What does it mean if you graduated "Magna Cum Laude" from University?

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NeverendingR | 03:44 Tue 20th Jun 2006 | Jobs & Education
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I am always hearing this in American shows but as an English girl it doesnt exist over here. What does it mean?
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With high honour; with high academic distinction, below the coveted Summa Cum Laude, which, In the U.S., is the highest honorary recognition of the success of a graduating student. Usually requires a GPA of 3.8 or better, but varies by school...
Sounds like their version of the First, Upper and Lower Second and Third class honours in British Universities.

Would be interesting to know what percentage of American students graduate with Magna/Summa Cum Lauda etc., because they always make it sound so grand. I have an Upper Second, but it's nothing special, because thousands of others have them too.

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