One who receives an undeserved 'individual education program' or 'i.e.p' to help them succeed in school, when they, in reality, are capable of doing the real schoolwork. Many who are 'I.E.P-tards' are athletes or bullies. This definition does not pertain to those who actually need extra help.
Oh, you didn't know? He's an I.E.P-tard; he gets his grades handed to him.