sexypersianbaby
a bracelet with the day of her graduation on it =]

punky89
buy her something she likes like if she likes music maybe an ipod if shes into shopping then a gift card for her favorite store ya you get the idea

Sia
Or a charm then when she/he has other acheivements you could give anotuher charm pertaing tothat example a baby or first house.....new job.......or maybe you can get them somethin pertainin to the major they are graduating in

shadowsthathunt
If you are good with arts, go to a craft store and buy a small scrap book album... You can do the first few pages for her then she can continue to add to it as she has new acomplishments. You can give anyone a trinket, but something home made from the heart with a way to preserve memories will last a life time!

arielle
I would say a nice purse or bag if she's going on vacation after she graduates. A nice photo album and some jewelry....

Daisy
I guess the answer would depend upon how much money you want to invest in the present. What is the degree your friend has earned? If it's a teaching degree, maybe a gift card from a teacher's supply store or someplace like OfficeMax. Teachers always need supplies. It the degree is in business,then, a nice engraved pen and pencil set would be suitable. if the degree is in the sciences, like nursing, then, maybe a gift card from a uniform shop. Nurses need special shoes, and sometimes stethoscopes, etc. If the degree is in the Arts and Sciences (Liberal Arts), then, a gift card from anywhere- maybe a shop like Penney's or Macy's. The graduate may need some interview clothes. I hope I have given you some good suggestions.

Tony C
How about a caricature made from a photo of her?