Oftentimes my generation struggles with deciding on a major and/or career path. You are expected to decide and commit, essentially putting all your eggs in one basket, in a short span of time. Sometimes this can lead to feelings of uncertainty and regret.
This concept is represented in this piece most notably by the dangly thing on the cap you wear while graduating (that's what that's called right... the dangly thing?) You are thrown into the real world, dangling, nervous, bushy-tailed and bright-eyed only to find that the real world isn't always served on a silver platter (cue moments of panic and regret).
You might have to back-track, or even start over before you find your way. However, if you find yourself dangling with a dumb-ass look on your face after graduation, don't fret... you will figure it out.