The rest of the media may be distracted by Donald Trump’s feud with the cast of Broadway’s Hamilton, but Stephen Colbert has not forgotten that the president-elect settled a $25 million fraud lawsuit over the weekend.

Now that the lawsuit against Trump University, which several students describe as an elaborate “con” that left them in debt, is finally settled, the Late Show host decided that the “final graduating class” deserved a proper commencement address.

After donning his graduation cap, as “Pomp and Circumstance” played in the background, Colbert spoke directly to the graduates of Trump University. “As you leave these hallowed hotel ballrooms to start your lives, and then restart your educations at an actual school,” he said, “you will be entering a troubled world. For example, Donald Trump is going to be president.”

“But you are uniquely poised to take on that challenge, because real world experience is the best teacher,” he continued. “And you’ve been conned by a master.” He want to say, “I hope and pray that you will take the lessons of Trump University with you: The future is what you make of it! And also, never take business advice from a man who can’t sell vodka and steaks.”

“So go out there and be a shining example of Trump University’s timeless motto,” the host concluded. “‘Carpe Crotch-em.’”

The Sunday shows may have spent more time rehashing the Hamilton incident than they did talking about the students who lost out at Trump University. But Colbert wasn’t about to make that same mistake.