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1. Toilet Paper Diploma
A diploma worthy only to use as toilet paper. A meaningless diploma. A diploma that is not recognized in any meaningful way.
Yay I got my toilet paper diploma in fine arts!

I didn't even have to take a test to receive that toilet paper diploma.

I don't know why Mike hangs that toilet paper diploma in his office. It's not recognized by anyone outside this office, and by almost noone inside this office.
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