Campus - Track when students will be graduating

Change one of the 'Custom Fields' (see Custom Fields) to GradYr.
Then go to Tools>Custom Lists Setup and select GradYr and insert the years that the student will graduate (see 
Custom List Setup).

In the end of the year, you'll be able to update a program (you'll create it,) called Alumni based on all the student whose Custom Field =2009, next year you'll base it on 2010 (see Manage Programs).

The key here is you'll have an easily update-able Alumni program for mailings etc, and you'll also have more detailed information as to when the student will graduate/graduated.
You'll be able to get a list of students grouped by GradYr (see Contact Report - the 'Report' tab) and/or limited to GradYr as well (see 
Contact Report - the 'Affiliation' tab).