I actually graduated from High School in the US, so I didn't get the privilege of enjoying "studenten". I was lucky in that a few weeks after graduation, my girlfriend (at the time) and I flew to Sweden to visit family and friends for a few weeks. It was great going back and seeing everybody, and to show of my much loved homeland to my american girlfriend.
Unbeknownst to me, my family was planning a Studenten like party for me. Two days before returning to the US, I arrived at my aunt's house and was welcomed with champagne, strawberries, and and placards with pictures of me as a little kid. After that we had a dip in the quite frigid archipelago of Stockholm and returned to the house for some pre-dinner drinks. Beer, wine and mixed drinks continued through dinner and dessert, and "femkamp" (a pentathlon/heptathlon-like game including activities usually requiring precision and coordination, but are fun at parties and social events, such as darts, etc.) Needless to say I had a great evening, although I don't remember too much of the end of it, nor was a able to move from my bed for the entire next day, but it was completely worth it. I was also happy to find out that I had amazingly come in second place for the femkamp.