The term 'PART OF ACADEMIC REGALIA' can be answered with the four-letter word 'HOOD'. A HOOD is a part of academic regalia, which is the traditional clothing worn by university graduates during their graduation ceremony. It is usually made of velvet and lined with satin or silk, and is worn over the shoulders and around the neck. The HOOD is typically decorated with the colors of the university and may also feature the school's crest or emblem.