You sit patiently, work diligently

Awaiting the day you get that piece of paper.

Without the piece of paper, you're a failure.

It means that you, as a young adult, as a student, have done nothing. 

All those late nights, those sleepless night mean nothing 

Because you don't get to walk with your peers up to a podium to accept a piece of paper.

Now you sit at home, trying harder than you ever have to be something.

All thanks to that piece of paper you didn't get.

I suppose in a material world, there's nothing quite like that piece of paper...