My parents did (and still do this) at a little ivy in the northeast. I got some good stuff including an introductory Grateful Dead CD (this was ~35 years ago). My dad would joke that all the graduates would throw away their tie-dye shirts and go to work on wall street (not completely a joke). Now we have an entire closet filled to the brim with used water bottles and I have to periodically clean through tons of stuff including very old jars of tomato sauce.

When I later graduated from college I had to dump stuff, mainly because I didn't have a car, and was moving to a small apartment in the city ~70 miles away.