I saw a great card like this on the Seasons of Stamping blog by Martha Stewart.
I have a tutorial on my site for how to make the graduation cap shape out of the Top Note die, CLICK HERE to see how!
You can see the tutorial to make the base of this card on Splitcoast by CLICKING HERE!
For my card I used a 4" x 12" piece of paper instead of the 3 1/2" x 10 1/2" it shows in the tutorial.
Sorry for a post full of links but hope they are helpful!
This is how I made the string for the tassle:
Cut a length of 1/4" grosgrain ribbon.
Fray one end a little and pull the string that goes across the length of the ribbon. Keep pulling until the entire ribbon is just threads. Make sure you hold on good so they don't end up all tangled. If the side you have started does not pull, just turn the ribbon around and try the other end.
I tied the center in a knot to keep them together and put it under the 1" circle in the center of the hat with glue dots.