Well my experience with WoD is that its inherently a low xp system. Many of the rewards comes in the forms of money, equipment, favors, henchmen, contacts, etc, etc. I would give out more xp than 1 each session though. Considering your supposed to get one each chapter just as a starting point. But I see nothing wrong with being a bit stingy with the XP.
But like I said just use other rewards. Since their at a university, Perhaps membership in a frat/sorority/secret society. Coveted assistant positions with famous professors. Rent controlled apartments. You get the idea.