It is the fake diploma that is given to a student that does not yet know if they will receive a real diploma or not. In other words if you go to graduation and don't know if you have your diploma yet, and get the case but don't get the diploma, you have received your failploma.
As gorge walked across the stage, he was not sure if he would get his diploma or a failploma.
von Mr. Awesome123 21. September 2009