I found this card and the directions many years ago on Splitcoaststampers. It is a great website to find all kinds of neat ideas having to do with paper crafting and much more too. Also it is FREE, which is a added bonus. You can find the information you need to make one of these cards HERE. Oh, I forgot to mention, it is a gift card holder!
Where you see my name, right below it is where you can put your gift card or money in. You can easily change the colors for the graduates school colors. I did use my envelope punch board to make a envelope for it, as it is bigger than a A2 card. You might be able to use a 5x7 inch envelope.
The two stamp sets I used are retired, sorry. Card stock is Whisper White and Basic Black. I had to make my own tassel, using embroidery floss, for the card also. I attached the tassel with a black brad-non SU.
Thanks for stopping in, have a great day. Mary