Preheat oven to 350 degrees F. Line 24 muffin pan cups with paper liners. Prepare cake batter as directed on package. Stir in drink mix until well blended. Spoon into muffin cups. Bake 20 to 25 min. or until toothpick inserted in center comes out clean; cool.
Spread 1 tsp. melted chocolate onto each graham square to cover entire top of cracker. Place on baking sheet. Refrigerate until hardened. Remove paper from cupcakes. Turn upside down. Using wooden spoon handle, make small tunnel from top to bottom in center of cupcake. Place whipped topping in small resealable plastic bag. Snip corner; pipe small amount of whipped topping into each cupcake. Place remaining whipped topping on top. Top with chocolate covered graham to make "cap".
See tip below to make tassels. Place each tassel on top of cap with jelly bean in center, using a small amount of whipped topping as glue.
To make all white graduation caps, spread additional whipped topping on top of grahams instead of chocolate. Line them up in rows for a black and white graduation!
How To Make Tassels
Cut fruit snack rolls into 24 (3-inch) long pieces. Cut 3/4-inch slits at one end of each piece to make a fringe. Roll up lengthwise tightly to make tassel.