I can only offer my experience. I've made quilts for dear friends' children for their HS graduations. Both of them will not sleep one night - anywhere - without their quilts. They have both taken them to college with them and bring them home over long weekends/breaks and use them at home as well.
I've chosen to do anniversary quilts for all of my & DH's siblings. Same deal - they all use them daily.
Were it me - I'd continue with your original plan. They will be loved and appreciated - perhaps even more because of the emotional significance for them - of graduation.