Poems or Songs

• They Deserve It recommends writing a personalized poem for a free gift that's sure to impress. Songs are also a nice touch, and humorous songs or parodies are memorable gifts that can include the entire class. Consider writing a song or poem for your entire class and printing it on decorative paper for an impressive gift that won't break the bank.
  
  

Personalized Items

• Price of Their Toys recommends giving fellow classmates gifts personalized with their graduation year. Adding the school name and logo is also a nice touch. This personalization can be added inexpensively to just about anything, from apparel to portfolios.
  
  

Awards

• Love to Know recommends creating plaques or certificates and awarding friends with honorary titles. "Best Smile" or "Most Likely to End up on the Late Night Show" are sure to win over everyone, and these gifts won't break the budget.
  
  

Commemorative Items

• According to Price of Their Toys, commemorative photo items such as framed pictures or a DVD slideshow of your classmates is a touching and extremely budget-friendly gift. A similar idea is a CD with popular songs from throughout your school years.