As someone who just finished four years of getting her university degree, I'd say that paper is worth quite a lot to myself.
Celebrating Christmas in university was fun, I got to decorate my own place and have friends over. Unfortunately my exams usually weren't done until the 22nd of December, so then I got to go home to my mum's house, which was always nicely decorated. I missed helping her set up, but it was still wonderful to be there. Now that I'm in Europe and they're in Canada...Christmas will be a little harder. C'est la vie, there's always skype that I can have on to participate in the family time.