My daugther graduated last year. My brother and sister-in-law gave her a $50 gift card to her college bookstore. She really liked that idea. In fact, we have given college bookstore gift cards to several of her close friends. She could use the card to help pay for books, school supplies, sweatshirt from her school or even at the student store. ie; food
You didn't mention if your cousin was a girl or boy. Another item my daugther received (from a group) was a large duffel bag (Vera Bradley.) These are popular among the girls at many college campuses. Also, you could add a small duffel bag, make-up kit, etc. These work very well for those quick weekends home and don't take up much room in a dorm room. (They are soft sided and squishable.) :)
Does he/she have a digital camera? This could be a good graduation gift for a group.
I-tunes gift cards are also popular. (The student can load the card onto their account and then they don't have to worry about losing the card. Then, they can purchase songs/movies when they want.) This might be an idea to go with something else.
If he/she is going to college, a dorm fridge is nice. I would be careful about many other appliances. Some dorms allow microwaves, some don't.
good luck!