Preheat the oven and prepare a cupcake pan with liners.

In a bowl, combine all-purpose flour, granulated sugar, baking powder, and salt.

In another bowl, cream together the unsalted butter and eggs until smooth.

Mix in the milk and vanilla extract into the wet ingredients.

Gradually add the dry ingredient mixture to the wet ingredients, stirring until well combined.

Fill cupcake liners with batter and bake for 15 minutes, or until a toothpick comes out clean.

Allow to cool completely before frosting.

Beat together the unsalted butter and powdered sugar in a bowl.

Mix in the milk and vanilla extract until smooth.

Frost the cooled cupcakes and decorate with food coloring, graduation caps, and diplomas as desired.