Materials:
*8 1/2" x 11" photo frame with a thin cardboard backing
*2 sheets of 8 1/2" x 11" paper in different colors (perhaps in school colors)
*Gold metallic marker
*1 brad
*Graduation themed stickers/cutouts (optional)
*Scissors
*Pencil
*Ruler
*X-acto knife
*Mounting squares or other adhesive
Directions:
*Attach darker colored sheet of paper to the photo frame backing
*Using a ruler and pencil, mark out a 4 1/2" x 6 1/2" section of the lighter colored sheet of paper and cut it out. Mark out a second section of the paper that measures 3 1/2" x 4 1/2" and cut it out
*Trace a gold border around each light colored rectangle
*Arrange and adhere the light colored rectangles on the lefthand side of the darker colored paper
*Using the X-acto knife, create a small incision in the top of the photo backing on the left side
*Slide a brad through the incision
*Add graduation related embellishments
*You can hang a tassel from the brad and the light colored rectangles provide spaces for a 4" x 6" and a 3" x 4" rectangle
Update: Here's what mine looks like with pictures: