British schools and American schools use different color schemes and gown styles. In general, American gowns are designed according to the Intercollegiate Costume Code, which was established in the mid-1800s.

The school colors are inside the hood; the hood's trim indicates the degree. Look below for a list of the colors that correspond to each degree. (Note that the color usually signifies the degree, not your field or major. So if you got a B.A. in music, the trim would be white, not pink.)

Associate's gowns are often gray, and Bachelor's gowns are generally black and have straight sleeves. The Master's gown looks much like the Bachelor's, but it has long pointed sleeves. The Master's hood is longer than the Bachelor's, which is in turn longer than the Associate's. Size does matter.

Doctoral gowns are trimmed with three fuzzy stripes on the arms and two long fuzzy stripes going down the center. Sometimes these stripes are black; other times, they represent the degree colors. Some institutions have unique doctoral gowns (probably because they want to stand out and look special). Here are all the unique gowns of which I'm aware:

Boston College: Maroon robe with black trim.
Brown: Brown robe with black trim.
Columbia: Gray robe; trim signifies field of study.
Cornell: Red robe with black trim.
Duke: Royal blue robe with black trim.
Harvard: Crimson robe with black trim.
Johns Hopkins: Dull gold robe with black trim.
MIT: Gray robe with red trim.
New York University: Purple robe with black trim.
Northwestern: Purple robe with black trim.
Princeton: Black robe with orange trim.
Rutgers: Red robe with black trim.
University of Chicago: Maroon robe with black trim.
University of Pennsylvania: Red robe; sleeves are red at the top, but blue at the bottom.
Yale: Royal blue robe with black trim.

Here are the colors that correspond to each degree. I've organized them by color shade with browns and metallics at the end.

White: Arts and Letters (BA, MA)
Pink: Music (MM, DM); Social Work (MSW)
Salmon: Public Health (MPH)
Crimson: Communication
Scarlet: Divinity, Theology (BD, MDiv, DD, MTh, etc.)
Apricot: Nursing (BSN, MSN)
Orange: Engineering (BSE, MSE, etc.)
Lemon: Library Science (MLS)
Yellow: Science (BS, MS, ScD)
Maize: Agriculture
Green: Medicine (MD, DO)
Olive: Pharmacy, other health degrees (MHS, PharmD)
Light Blue: Counseling, Education (EdD)
Blue: Philosophy (MPhil, PhD,DPhil)
Blue-Violet: Architecture
Lavender: Dentistry (DDS, DMD)
Purple: Law (JD, SJD, LLM)
Russet (reddish-brown): Forestry (MF), Conservation
Brown: Fine Arts (BFA, MFA)
Gray: Veterinary Medicine (DVM)
Copper: Accounting, Business (MBA), Commerce, Economics
Silver: Chiropractic, Speech, Oratory
Gold: Psychology (PsyD)

Again, if you have additions, please /msg me. Thanks!