An oxymoron. Before one receives a degree, one is an undergraduate (has not graduated). Upon receiving a degree that person becomes a graduate, therefore one can't hold a degree and be an undergraduate. Degrees earned after ones bacelor degree are called graduate degrees, which seems to have led to the mistaken notion that a bachelor degree should be called an "undergraduate degree".
Llama is a sly way of saying Pussy. So when Nicki Minaj says "llama degree" in "I Wanna Be With You" she is saying she wants a man so good with pussy he has a degree in it.
Alexis: John is a no good motherfucker.
Joanne: Why don't you leave him, girl!
Alexis: Hell no! That nigga has a llama degree!
A worthless degree.
Any given liberal arts degree is an example of a meme degree.
John's father is paying loads of money for John to go to school for four years just so that he can get his meme degree, A.K.A. his Gender Studies degree.
noun: pejorative
1. A marriage as a result of attending a 4-year university with the soul purpose of getting married and consequently not completing college.
2. The attending of college, usually a 4-year university of moderate to high prestige, to get married to avoid independence or responsibility.
3. To go from one's parent's home to the home of a spouse with out ever achieving emotional or financial independence, or academic success.
Betsy got her MRS degree from State. "I am majoring in my MRS Degree." Suzie's MRS Degree ended in divorce.