Update: I fixed up the second image, making it (perhaps) a little bit easier to crack.
You leap out of your bed. Today's the day!
You check your mailbox, and wow, there it is! The frayed look of the letter could not possibly be in greater contrast to the grandeur of its contents.
You can't believe you actually got the letter. It took you hours; no, days of procrastination on Puzzling Stack Exchange to finally, finally enter the PSE school of enigmatics (or PSE for short).
You look at the letter:
But wait, what the bejiggles is this? You find a second scroll, lightly glued to the first:
Oh boy. The hair-tearing will begin a lot sooner than you had anticipated.
Notes: Hello Puzzling Stack Exchange! This is part 1 of a "puzzle story" that I plan to tell over multiple puzzles. I hope you enjoy!