When my boys graduated most people gave money. The closest family members gave meaningful gifts (a Bible from Grandma, a family crest, etc). Someone gave monogrammed towels (they never got mistaken for someone else's in the dorm!) Someone else gave a bike for riding around campus.
Two clever ladies put together a laundry basket with all the laundry supplies he would need, and with written instructions. Someone else put together a little box of medicine cabinet supplies and tips (band-aids, neosporin, tylenol, thermometer, all the things you get from mom wh3n you're at home, plus a handy guide about when to go to the dr, when to call 911, etc ).
His dorm allowed refrigerators, microwaves and coffee makers, so he got those as gifts.
So much depends on what they're doing after graduation. I hope some of these gifts give you some ideas for your graduates.