Since it's for a guy, keep it simple. Men don't like elaborate or overly decorated bed wear. Buy a blanket in his school colors and stitch his college and name.
A good idea for a school blanket for your boyfriend would be taking small squares of fabric that symbolize something he likes or something he likes to do and sew them together.
You could make a sort of quilt. Put the school mascot in the middle. Have each of his friends, teachers etc. sign a quilt square with a note and their name and sew it all together to make one big quilt.