As a college student, I like gifts that can be done pretty inexpensively in large quantities.
This year, I'm making a lot of button magnets- $15 for 3 bags of buttons, $3 for a glue gun, and then the cost of the magnets. I think I have enough buttons for about 400 magnets, at this rate, and they're really easy- stack the buttons on top of each other or make bigger pendant-y designs, hot glue together, glue to magnet. It's easy, quick, and a ton of fun- I've been making them nonstop.
I'm also making a lot of thumbtacks (http://belladia.typepad.com/bella_dia/2005/11/easy_stocking_s.html
), from Bella Dia's blog...they're really easy and fun, and super inexpensive.
I also love making ornaments- clear ones with paint swirled inside, gumdrop ornaments (painted styrofoam balls, cut in half in gumdrop shapes, covered in glitter), any kind.