I never heard of it either. Although a neat idea.
Yes, I wish now I had my pledge ribbon and pin. I never thought of it till I was way out of college. I did not pay for them so I never gave it a second thought that I entitled to them.
I did go on ebay and buy one...I paid 3x more than what even a brand new one costs It is worth it- eventhough it was not my original one- it still brings back the memories
Carnations for a Lifetime... I really like that idea!