Step 1
Preheat oven to 350 degrees F (175 degrees C).
Step 2
Line 24 muffin cups with paper cupcake liners in school colors.
Step 3
Place white cake mix into a large mixing bowl and beat in water eggs and vegetable oil with an electric mixer on low speed just until moistened. Turn mixer speed to medium and beat for 2 minutes.
Step 4
Pour batter into prepared muffin cups filling them about 2/3 full.
Step 5
Bake cupcakes in the preheated oven until a toothpick inserted into the center of a cupcake comes out clean 18 to 22 minutes.
Step 6
Cool cupcakes thoroughly. Place cupcakes on a platter with the bottom sides facing up.
Step 7
To decorate the cupcakes break graham crackers in half to make 24 2 1/2-inch squares. Place a dab of frosting centered on bottom of each cupcake and stick a square to the frosting to form mortarboard part of a graduation cap.
Step 8
Place the opened container of frosting into a microwave oven and heat until the frosting is warmed soft and workable about 10 seconds. Frosting should be smooth but not runny. Color the frosting to your desired shade with food coloring.
Step 9
Frost the top and sides of the graham cracker squares.
Step 9
Unwrap lemon candies and place 2 candies onto a piece of waxed paper. Microwave the candies until warm and soft 5 seconds or as needed.