Use an equal number of mini peanut butter cups and chocolate squares. I used Reece's and Ghirardelli. You will also need some peanut butter or frosting to use as "glue", Twizzler's in your school color and some mini M and M's, which I found at Rite Aid after looking everywhere!
Unwrap the candies and put the smooth side of the chocolate down and the peanut butter cup up side down on top of that. Fix it in place with some peanut butter or frosting. I used peanut butter which was recommended on another site but I think I would use frosting next time!
For the tassel I cut a Twizzler into four equal lengths and then split each of those into four thin lengths. I "fringed" the end of each of those with 3 or 4 snips.
I flattened the other end of the tassel by pressing hard and even dipping in water. Let it sit for a few minutes to get "tacky".
Carefully adhere the tassel to the top of the hat. Cover the end with a mini M and M using your "glue".
I am pretty sure I didn't make enough!