I lucked out--the Joann's Fabric near my house was having a moving sale...I got four yards of fleece for less than $10! (I even had enough to make myself one and keep a few for emergency gifts!)
I made each scarf 6 inches wide and 3ft long. I tied knots on the girl's scarves and wrapped them up in cute snowman paper. Over all the project took about two hours from start to finish, just enough time to watch a Christmas movie and sip some hot chocolate.
My only regret? I should have stocked up at that moving sale for future years!!
I wasn't sure how well it was going to go over with the students but they loved them and kept them on nearly the entire day!