The activists plan to target the ceremony to protest over fees of up to £9000 a year for non-Scots undergraduates.
The Party Against Privilege demo follows a demonstration where the university was occupied by about 100 students.
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Hide AdHistory student Mark Ramsay reportedly said: “Princess Anne is a relic of an age when education was exclusively the domain of the privileged elite.”
Robin Parker, NUS Scotland president, said: “Edinburgh University students are angry about the decision to cash in on English, Welsh and Northern Ireland students.”