It was a split screen newscast with the president being sworn in on one side and the plane load of hostages on the tarmac in Tehran waiting for take-off clearance.
As soon as Reagan was sworn-in, the Iranians stepped out of the plane's path waved the wands to signal them to taxi down the runway. It was their final gesture of contempt for Carter.
I was also a college senior in 1981; Indiana University. I recall staying up and watching the returns in November 1980 as the Republicans swept away a bunch of old-guard liberals on Ronald Reagan’s coat tails. I also recall the hostages being released.
In my office, right now I am looking at my framed reproduction of the front page of the Bloomington Herald-Telephone from Tuesday, March 31, 1981. Two huge headlines:
“Hoosiers-NCAA Champs”
“Reagan Condition Excellent After Surgeons Remove Bullet”
I was working in Anchorage, AK, at the time. I recall the same broadcast. In my mind, I think I remember the disco song, “Celebration” being played at the same time, possibly on the hostages’ plane, but maybe just TV background music. I like to think it was on the plane.