This is a play on words, referring to the Ides of March. Much like Caesar's downfall, the Ides of May lead to the downfall of many seniors because they often fail to do the gradebook math correctly (their brains are fried, give 'em a break).
A: "The Ides of May are approaching, dude..."
B: "Fuck, my college requires a final transcript. Shit."
A: "Lame. Wanna hit up a party later on anyway?"
A: "You too, Brutus?"