Today’s similarly written words have no similarities when it comes to meaning. I used to mix up those two words sometimes.
Impede [im-peed] (verb):
to hinder or obstruct.
Example:
My online window shopping spreeimpeded my work on my graduation.
Impend [im-pend] (verb):
1. to be imminent or about to happen.
2. to threaten or menace.
Example:
I summoned all my energy and focus as the deadline to my graduation project impended.
Words of Margaux 
Impending and Imminent – both have different connotations too. However, the meaning suits here while making a difference with the lookalike.
Usual use would be: impending graduation project. does that sound better?
It does, and I usually use impending in that sense. However, I wanted to use it as a verb.
Some nice words to use and expand a vocabulary.
That’s interesting use of the word impend in your sentence. It sounds wrong if I say it out loud but it really is correct. Pretty nifty, I am going to have to try using it more like that and confuse people around me. 😀
Haha! Indeed 🙂