I tend to receive these only from family members, and I give $100 plus a trinket (we're a girl-heavy family, so I've typically given the money IN a wristlet wallet, a handy thing for a college girl to have). I usually have enough credit card rewards points that I can give a gift card without taking actual money from my pocket. The kids in our family are all college bound, so the money'll be used for books, dorm items, whatever.
My daughter received so much laundry detergent (and other laundry stuff) that she's literally still using it. She's just finishing her junior year in college.
When my brother and I finished high school, somehow blankets were the thing. He and I each received about six blankets apiece. No, neither of us chose to go to school in a snowy climate. However, on that same topic, towels seem to be a popular item to gift to dorm-bound students (either bath towels or beach towels); everyone needs them, and embroidering the graduate's name makes sure they won't walk away.
A fountain pen might've been a nice gift a generation ago, but today kids use computers for everything.
I think parents tend to OFTEN give laptops as graduation gifts; however, if you're a family member you might ask the parents about whether an accessory would be useful: A printer, ink cartridges, a nice carry bag.
Another thing to avoid: The Dr. Seuss book Oh the Places You'll Go. Yeah, it's cute, but it's cliche now, and over-popular. I think my daughter received three -- all with an inscription in the front, so they can't be returned or regifted.
Giving an item "to remember" isn't selfish. It's not a remembrance of the gift giver so much as a reminder of a special moment in the person's life. Of course, I also love my wedding china and use it frequently.