Attach mortarboard with icing. For tassel, roll out yellow fondant 1/16 in. thick. Cut a 1 1/2 x 1 in. rectangle; cut slits 1/2 in. deep on one long side. Roll up to form tassel; shape a rounded top just above fringe. For cord, cut a strip 1/4 x 2 in. long; press tassel on cord. Attach to mortarboard with damp brush. Roll a 1/4 in. fondant ball for button and attach to top with damp brush.
*Combine Red-Red with Christmas Red for red shown.