As someone who went through the UMass graduate education program, let me assure you that "Dr." Cosby's title is mocked just as much by those in the granting university. He was given tons of credits for previously completed "academic" work such as doing voiceovers on Electric Company, completed the program in just a few years of mostly off-site work, and his final dissertation was on the importance of using "Fat Albert" cartoons in the classroom as a learning experience.
And, Bianca, I wouldn't mock 2/3 of the panel for not having graduated college, because Dr. Cosby hadn't graduated college either before UMass granted him enrollment--they chose to overlook that he didn't have a bachelor's degree.
Cosby still lives in the area, and volunteers to visit local urban schools to give community lectures. They are barely coherent rambles that focus mainly about how we wouldn't have the insufferable crime, pregnancy, and drug rates if we teachers and parents would make those darn kids pull up their pants and stop listening to that crazy rap music.