I'mma take y'all back to school, you fuckin' dropout

from Mellowhype – Loco Lyrics on Rap Genius

Meaning

He’s telling you to listen to what he has to say because it’s better than yours, so take notes.

It’s also play-on words from the last line where he says “A-B-C hats.” He’s saying he’s taking these dumb fucks back to school.

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