My dd also just graduated so I thought I'd chime in with another "voice of experience", just for comparison.
Senior pictures - DD had one pic taken by the official studio for the yearbook - free. I took her actual "senior photos". This allowed us to have multiple outfit changes and props as well as taking at three different outdoor locations during different seasons. They turned our great - actually when I had some printed at Sams they required a "photo release" because they believed a professional had taken them. I splurged on a photo book with the 36 best pics from Shutterfly and used a code so the cost of the book was about $22. Enlargements and wallets for us, family and friends were ordered from Sams and very inexpensive!
Cap & Gown pictures - This was the third set taken above.
Senior yearbook - Regular annual expense of $65
Special page in the yearbook - Offered but we didn't do
Class group picture - taken but not available for purchase, included in the yearbook
For athletes, recognition ad in the sports media guide - Option but we didn't purchase
For athletes, sports team pictures - DD was in two activities but we took our own photos, including a great group shot so no cost
Cap and gown - We dealt with rentals before so I wasn't prepared to purchase. Don't remember the exact cost because it was included in the Josten's total. If I had know better we could have borrowed from someone. Lesson learned.
Clothing for graduation - DD wore a dress she had gotten for Easter under her gown and shoes she already had (prom shoes) so no extra cost for us.
Announcements & name cards - We purchased the minimum 25 announcements and 100 name cards. As with the cap and gown I don't remember the breakdown of cost since it was included in the Josten's total.
Party invitations and postage - I ordered the invitations from Sams with three photos of her on them. This was the cheapest I found customized invitations and they turned out great. We mailed about 15 announcements and invitations so we had postage cost for those. The rest were handed out to family and friends. Many of the people invited to the open house party were invited via facebook.
Class tee-shirts, sweatshirts, keychains, extra tassels (all sold along with cap and gowns) - DD really wanted the sweatpants and the extra tassel. All told our Josten's items (cap/gown, extra tassel, announcements, name cards, and sweatpants) totaled about $140. DD paid for the extra tassel and pants. A grandparent offered to pay for the rest which was much appreciated, especially the order had to be placed right at Christmas time.
Class ring -- though I think most people buy these junior year - DD's was purchased Sophmore year. It did have to be purchased through Josten's to be called up to receive it during the Ring Breakfast although all Sophmores attended the breakfast. I sold my class ring and was able to cover the cost of her's since mine had been rather large and gold and she choose the less expensive metal.
Letterman's jacket -- again, most people buy them earlier, though you might add patches senior year - DD received her Letter, year and initial patches Sophmore year and additional patches twice a year after that. After we talked about how seldom she was likely to wear the jacket I suggested she keep them and I would have them framed at graduation. I purchased a 20" x 30" frame and had a matte custom cut for the patches and a photo of her. I did the assembly myself and it turned out wonderful. The total cost was about $32 which was far cheaper than a jacket and we displayed it at her party. It turned out beautifully. Another mom did a similar thing but not on a budget and her cost was over $120.
College visits (gas, meals, time) - We only did one out of town visit (4 hours away) and made it a day trip so only had gas and food expense for a total of about $120. Well worth it since this was ultimately the school she chose.
College tees /sweats -- at least for the school she chooses - Each college we visited gave a free t-shirt during the tour. I did purchase a hoodie at the out of town college since it was the school she will be attending. $55 but she's already gotten a ton of wear out of it.
College admissions fees ($50-80 per school) - She applied to three schools. None had an application fee.
Transcripts for each college application - No charge for this from our school.
SAT or ACT fees - She took the ACT a total of four times to bring up the score for both scholarships and guaranteed admission into her program of choice. I consider it worth the expense since she went from $8,000 in scholarship to $13,000 in scholarship. She did take a prep class but was awarded a scholarship that covered the cost..
AP testing fees - Only 1 AP test this year and cost was reduced due to our financial situation and assistance offered through the sponsoring university. $35.
AP test prep books -- well worth the money - We did not purchase.
Acceptance fee once she chooses her college -- We didn't encounter an acceptance fee. Tuition deposit was $200 due by May 1st.
Housing down payment - $200, also due by May 1st.
Doctor's visit for college health form & vaccinations - Covered by insurance.
College orientation fee -- This will be included as part of the tuition bill so we haven't had to pay yet.
Dorm stuff like lamps and bedsheets - We have some of the things she'll need, she won a few things at grad night, and she received some small items as grad gifts. She is planning to use some of her gift money and money she earns this summer to pay for most of the dorm stuff.
Laptop for college - She is happy with her apple laptop and it is working fine but grandparents offered to pay for a less expensive laptop or put the expected amount toward a new apple if she wants one
Prom expenses -- possibly other special events such as Homecoming dances, Semi-formal, Volleyball Banquet, etc. -
Homecoming - Wore last year's Christmas dress (bought with this in mind). She paid for her ticket and dinner with her friends (they went as a group).
Prom - Ordered a great dress on clearance and it was perfect for $82. Splurged on the shoes - Toms - but she's already worn them a lot so they are not just one-time or only dress-up shoes. Grandma offered to pay for jewelry and other grandma gave her a vintage clutch. Our regular hairstylist gave her an up-do for $25. We splurged on a manicure and brow wax using coupons for a total cost of less than $20. She went with a group of friends and paid for the ticket herself which was $60. No limo. A group of the girls spent the night here afterward and I bought some snacks and breakfast for about $10.
Band Banquet - Annual expense, she wears her Christmas dress each year so no extra cost.
Extra activity expenses due to being a senior - The senior band parents do extra things for the seniors so we have an additional $75 fee. I was the coordinating parent so I had a few extra expenses myself. Since she was a senior my dd really wanted me to go along on the fall band trip. I went as a chaperone which covered most of the cost. As a senior captain/section leader for two activities dd had extra expenses for goodie bags and other items for the other members but covered those costs herself. Regular activity fees covered things like the gifts the seniors gave coaches.
Senior picnic, breakfast, grad night . . . whatever your school hosts. - DD's school does an all-night lock-in for the grads (typical around here). Cost is $100 but you can pay $25 each year which is what we did so we didn't get hit all at once. For this price they were at school from 10:00 pm to 6:00 am. It included a firework show, great food buffet all night, carnival games, inflatables, mechanical bull rides, a DJ, casino games, volleyball and ping pong tournaments, trivia games, a slide show, a hypnotist, an ice sculpture, and many other activities. Each student received a t-shirt, a rolling cooler and many coupons and gift certificates to take home. They also had many raffle prizes. DD won well over $200 worth of items that will be useful for school next year. Of course parents did a great job of soliciting donations and shopping on a budget. Parents organized and hosted the event so we were up all night with the kiddos but it was worth it.
Senior class gift to the school - Included in the above class fee.
School fees, if your student owes money from previous years - DD did not owe any fees. We did have a parking fee but that is the same any year if you choose to drive rather than take the bus.
Graduation party -- even an at-home party will cost money; you'll buy food and drinks at least - Dd's party was themed with the school colors and I had been collecting things found free or on clearance for the past three years in the right colors which helped. I did a few special things that really impressed people for very little cost - displayed the "letterman" framed items described above on the mantle, had a custom matte cut for her cap & gown pic and announcement to work with an existing frame ($5), and made a display of 6 different wallet photos using a multi-business card holder ($6) with a cute homemade sign asking guests to please take one of their favorites. The highlight was an 8' table with a candy/dessert buffet on it in the school colors. I had purchased some candy on clearance a few months before and found a great deal on the rest at a local wholesale distributor. I made cake balls, cake pops and mini cupcakes in school colors for very little cost to be on the buffet as well. This was my splurge but really not much more than if I had ordered a cake from a specialty cake store for the number of guests we had and the guests were really impressed. This was an open house all day and evening (lasted over 11 hours). We lit the fire pit and offered marshmallows for roasting after dark. The kids loved it. There were many grad parties the same day and some of the guests left to go to another and then returned later for the fire & marshmallows. Cheap entertainment compared to the party that hosted a bounce house.
Truthfully the grad party was, without a doubt, our biggest expense but with the exception of a few splurges it was very budget since I'd been stocking up on most items for quite awhile.
I completely agree with the previous posters who said to find out what is important to your child and go with that. We didn't so some things and found frugal ways to work with others. It was an expensive year but we made it work even with our very tight budget. Good luck to parents of the Class of 2014 - have fun!