My mom always gave my friends the Dr. Seuss book, "Oh the Places You'll Go" along with a nice frame for them to display their diploma. When I graduated, the gifts I enjoyed the most were the simple things that I wouldn't think of getting myself. A charm bracelet, a necklace from the University, a massage/facial/pedicure gift certificate, etc. Where she is going on to a masters degree maybe a nice, comfy pillow or a "survival kit" with treats, tylenol, school supplies, encouraging words from you and your children, stuff to get her through the long nights of studying and anything else you can think of that fits her personality.