Pipe tip 18 shell top and bottom borders. Attach candies to cake sides with dots of icing. Attach mortarboard to cap with thinned fondant adhesive. Position cap. Tint 2 oz. fondant green; roll out 1/8 in. thick. For cord, cut a 2 1/2 x 1/4 in. strip. For tassel, cut a 1 x 2 in strip; cut 1/8 in. wide x 3/4 in. deep slits for fringe. Roll tassel into a log; attach to cord with damp brush. Cut a 1/4 in. wide strip; wrap around top of tassel. Attach cord to cap. Roll a 3/8 in. ball of black fondant; flatten to form button. Attach with damp brush.
*Combine Christmas Red with Red-Red for red shown. Combine Violet with Rose for violet shown.