One of the most entertaining parts about a graduation is seeing all the great grad cap ideas people come up with. While "Thanks, Mom and Dad" is pretty sweet, it's the creative ones that catch our attention time and time again.
use Elmer's glue to draw the design on cardboard letters from michaels then paint with metal paint. These look pricey, but they're so cheap! I use Elmer's Glue underneath paint a LOT, and it's a cheap, easy way to have a raised design .