Hello,
I agree with Luis Carlos, I would use most of the times: "Estar a punto de + [infinitive]". However, here in Colombia: "estar + por + [infinitive]" is used as well. So if you say any of the following sentences, I would think your grammar is perfect:
"I am about to graduate from college"
1. Estoy a punto de graduarme de la universidad.
2. Estoy por graduarme de la universidad. (this way is less common)
On the other hand, if you say: "Estoy para graduarme de la universidad", I would think you made a grammar mistake.