Do you know what she is doing after college? Does she already have a job? going on a lot of interviews? going to grad/law/med school?

I have gotten friends a nice portfolio from our university (great for interviews, and for jobs), maybe a nice pen set. if she really likes her university, something nice from the bookstore with the university seal is always fun. my schools always had some pretty nice glasses (beer, wine, mugs depending on your flavor).

Congratulations on your graduation as well!