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I talked with someone from HQ today just to get all this clarified. There is NO statute of limitations. If I wanted to advise my chapter the day after I graduated--technically, there's nothing stopping me. How much a young advisory board member gets to do, however, is based on the local situation. A chapter with lots of alumnae support will probably not allow a young alumna to do much--but one that's hurting for help will obviously let you do more. I explained my situation, and they, being familar with the chapter in question, provided me with the advice I really needed.
Decisions about who can advise a chapter come from the LOCAL level, not National.
This is all a moot point, however, because I was offered a teaching assistantship for second semester. This by itself wouldn't be a dealbreaker, but a few weeks ago, I got picked up for a Residential Life position (with housing) that I'm very excited about--and would probably be a conflict of interest in being a chapter advisor. With that, and working at the architecture firm, editing our journal, applying for jobs, writing a thesis, and just having a life--I figured I would rather have positions that paid me, especially in the form of tuition credits and housing.
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