In advance: Make candy mortarboards. Place medium square Cut-Out on cookie sheet. Fill 3/16 in. deep with melted candy. Chill until firm; unmold. Repeat as needed. For buttons, pipe 1/4 in. dots of candy on waxed paper. Chill until firm; peel off paper.
Bake and cool brownies in silicone mold supported by cookie sheet. Unmold and trim to 1 1/4 in. high. Seal bottoms with melted candy; chill until firm. Cover brownies with melted candy; chill until firm. Attach mortarboard with melted candy; let set.
For tassels, roll out colored fondant 1/16 in. thick. Cut a 1 1/4 x 1 1/2 in. wide strip for each tassel needed. Cut 1 in. deep x 1/8 in. wide slits for fringe; brush uncut edge with water and roll up to form tassel. For cord, cut 1/8 in. wide x 3/4 in. long strip and attach to mortarboard with damp brush; attach tassel.