I think a day planner, where they can keep track of job interviews and other events is a nice gift. Or maybe a really beautiful frame they can place their diploma in. Gift cards to places like Barnes and Noble and Starbucks are also a good idea if you're really stuck and don't know what to get.

Money is always great and very helpful...but if that isn't what you were planning on, there are other options. I'd steer clear of "Class of ____" merchandise in general because after a while, it will get old and not really be useful. Gift cards for places where work clothes can be purchased or a nice piece of jewelry can be used for years...or if the grad is getting a new apartment or moving out, try something for the home!