Prints
A lot of the schools have prints of the schools that are poster size and can be framed nicely. The prints are usually inexpensive and framed nicely will be a nice memory.
I framed one of my college and it is hanging with my degrees in my office. I did some nice matting treatments to make it look like more than a print.
Also, I have done a graduated look for someone that has many degrees and they want to hang together. I start with the lowest degree and frame it simply and increase the treatments to make each degree more special as they are harder to achieve. It's amazing how just adding one small thing for each higher level degree can make it special but also coordinate with its importance right up to that "doctorate" or "law" degree which is the highest level. I usually center the most important one in the center and arrange the others around it, but bringing the most focus to the "biggy"
hope this helps!
my 2 cents!
Elaine