I graduated from college after many years of part-time study too. The only thing I told my parents I wanted (since I graduated in December that year) was a Christmas party with all the relatives...no presents, but just them showing up.
If she sends you an announcement - get a silver frame for it, and give that to her as the gift.
Gift cards to favorite places are usually nice, and if you get gift cards at places like Target or Steak-n-Shake, they don't charge you a fee for the card, typically. If you got her a "gift visa" from someplace like National City Bank, they'll charge you about $5 for it.
If she likes manicures, you could give a gift card to the salon she likes to go to.
I don't know if she's married or not - but you could offer to watch her daughter for a few hours one night so she and her hubby could go out to dinner and a movie.
I don't know what her field of study was for her degree....maybe you could tie it in that way somehow. Maybe business cards isn't what she needs, but maybe she could use a gift card to Franklin-Covey (the "planner people")? Or a nice pen/pencil set? A desk set?
You could always stop by "Things Remembered" (either in the mall or on their website) and see what they have.
For what it's worth.....and good luck!