In my chapter, everyone "graduates" from the sorority (becomes an alumna) after their 4th year as an undergrad, regardless of if their actually graduating or how many years they've been affiliated (e.g., if you joined as a junior, you'd still become an alumna after what would be your senior year, regardless of whether you were graduating or not). I'm actually not sure whether this is chapter or national policy.
I'd be curious to hear what you all do.