I don't know what it's like for other schools, but A&M does NOT mess around with their class ring stuff. It's not just a ring or an accessory, it's an ingrained part of student life. It's part of your identity as a student. I don't know a single person to have graduated without their ring and all the people I know who have one wear it even after graduation to their jobs. It signifies you're a part of the Aggie Network. If you get caught cheating at this school, one of the consequences is being ineligible to get an Aggie Ring and it's considered very shameful. It is a deeply-rooted part of the Aggie culture here at A&M. There are traditions associated with your ring (people who get their rings do a "ring dunk"), the ring stands for the highest code of ethics and honor, etc. It's something every senior does pretty much. Thousands of families come into town on ring weekend to celebrate their relative reaching their final year at A&M and earning their ring. People usually take their picture by the giant ring when they pick it up:
There are even scholarships you can get to afford your ring if you don't have the money. It's that big of a deal to A&M students.
Aggies taking pictures on Ring Day with the traditional "Gig 'Em" thumbs up pose and their new rings:
Aggie Ring Dunk:
I don't even have my ring yet although I'm a senior (getting it next semester hopefully since I couldn't afford it this semester and didn't try to get a scholarship) but whether I like it or not I'm basically required to be a part of this ritual lol.