Several days in advance: Make graduates. Add 2 teaspoons gumtex to Fondant, knead. Divide as follows 1/8 copper, 1/8 brown, 1/4 blue and 1/8 black. Roll out copper and brown fondant 1/8 in. thick and cut graduates using smallest girl cutter from 101 Cutter Set.
Roll out blue fondant 1/8 in. thick and cut a gown for each graduate using same cutter. With knife, trim off head portion of gown to create round neckline; trim 1/4 in. off arms to allow hands to show through gown. For shoes, roll 1/4 in. black fondant balls; shape into ovals. Using graduation cap pattern and knife, cut a blue cap for each graduate. Let all pieces dry several days on cornstarch-dusted surface.
*Holding bag with tip 1 at 45 degree angle, pipe 5 strings 1/2 in. long. Pipe tip 1 dot (90 degree) covering end of tassel. One day in advance: On waxed paper make yellow tassels above to hang from caps. Make extra tassels to allow for breakage. Let dry overnight.
Attach gowns and shoes (not shown) to body with dots of icing. Let dry. Decorate graduates with royal icing. Using Round Decorating Tip 2, pipe string and swirl hair. Using Round Decorating Tip 3, pipe 2 circles on head for cap base; attach cap. Using Round Decorating Tip 1, pipe a dot button and string on top of cap; attach tassel.