There are two senses of Unless.
It's possible that "unless" may indicate the strong sense of the word, in which case it takes a different form and you'd be correct, but this implication is contextual. This context can be implied by the sentence's content, or even from the way the sentence is constructed. For instance:
u1. Unless you study, you won't graduate.
u2. You won't graduate unless you study.
The denial of u1's antecedent, "if you study, you will graduate" is certainly not implied. However, using u2's construction in english often (not always) indicates that the exact same word to be taken in a stronger sense. Rather than "if not", we read this stronger sense as "if and only if not". To illustrate, rewriting both examples to use the more familiar logical indicators results in the following clauses:
u1*. If you do not study, then you will not graduate.
u2*. You won't graduate if and only if you don't study.
Note that u1* only guarantees that if you graduate, you studied, allowing you to fail even if you study. However, u2* to use the correct form illustrates why you may feel the example you were reading "feels" wrong. If you're using the stronger sense of unless, then if you don't graduate, you must not have studied— which fits your intuitions.
Incidentally, P <—> ~Q will result in the same truth table as the exclusive disjunction, "xor":
+---+---+----------+--------------------+
| P | Q | P <—> ~Q | (P v Q) & ~(P & Q) |
+---+---+----------+--------------------+
| T | T | F | F |
+---+---+----------+--------------------+
| T | F | T | T |
+---+---+----------+--------------------+
| F | T | T | T |
+---+---+----------+--------------------+
| F | F | F | F |
+---+---+----------+--------------------+
For a full description of these two uses of "unless", see sections 16 and 17 of this course reader.